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Canada (162,403)
Economics (818)
ECON 2410 (18)
Chapter 2

Chapter 2- A Tour of the Book.pdf

2 Pages

Course Code
ECON 2410
Laurent Cellarier

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Chapter 2- A Tour of the Book December 7, 2013 2:37 PM Definitions/Equations National Income and Product Accounts (NIPA) - the system of accounts used to describe the evolution of the sum, the composition, and the distribution of aggregate output Aggregate Output- the total amount of output produced in an economy Gross Domestic Product (GDP) - a measure of aggregate output in the national income accounts (the market value of the goods and services produced by labour and property a country) Intermediate Good- a good used in the production of a final good Value Added- the value a firm adds in the production process, equal to the value of its production minus the value of the intermediate inputs it uses in production Nominal GDP- the sum of quantities of final goods produced in an economy times their current price Real GDP- a measure of aggregate output. The sum of quantities produced in an economy times their price in a base year GDP Growth- the growth rate of Real GDP year over year Expansion- a period of positive GDP growth Recession- a period of negative GDP growth. Usually refers to two consecutive quarters of negative GDP growth Employment- the number of people who have a job Unemployment- the number of people who don't have a job but are looking fo
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