ECON 1100 Chapter Notes - Chapter 4: Operating Surplus, Small Business, Dry Cleaning

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Econ*1100 chapter 4: gdp measuring total production and income. Inflation rate: %age increase in price level from one year to the next. Intermediate goods and services are inputs into another good or service, like car seats, and are not counted when finding gdp: gdp includes only current production (production in the indicated time period) and does. Expenditures by households are divided into services, non-durable goods (i. e. foods), semi-durable (i. e. (i. e. foods), semi-durable (i. e. clothing, shoes), and durable goods (cars, appliances). Spending by households on new houses is not included in consumption, but rather the investment category. Gross private domestic investment, or investment, is divided into 3 categories: (1) business gross fixed capital formation, spending by firms. Net exports on new factories, office buildings, and machinery (2) residential structures, spending by households and firms on houses (3) business investment in inventories. Spending by federal, provincial, and local governments on goods and services, such as teachers" salaries, highways, and hospitals.

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