Textbook Notes (363,507)
Canada (158,391)
Economics (923)
ECN 204 (281)
Eric Kam (28)
Chapter 5

Chapter 5.docx

1 Page
Unlock Document

Ryerson University
ECN 204
Eric Kam

Chapter 5 GDP is the total income or total expenditures For the entire economy the income equals the expenditure Factors of production Factor Payments inputs such as labour wages Land rent and Capital InterestBoth actors in the circular flow diagram are both buyers and sellersHouseholds take factors of production to the market then the firm uses the factors then the firm take wages rent and profit to the market then it become income for the householdFirms take goods and services to the market then the goods and services are bought by the household then the spending money of the household is taken to the market which then becomes revenue for the firmGDP is based on only the final goods of a good GDP is produced within a current year with current produced goodsGDPY ConsumptionCInvestmentIGovernment PurchasesGNet ExportsNX
More Less

Related notes for ECN 204

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.