ECON 104 Chapter Notes - Chapter 5: Gdp Deflator, Gross Domestic Product
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4 Apr 2016
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The study of how households and irms make decisions and interact in markets. The market value of all inal goods and services produced in a country in a given period of ime. Spending on goods and services by all levels of government. The producion of goods and services valued at current prices. The producion of goods and services values at constant prices. Gdp is the best single measure of an economy"s well-being. Gdp measures both the total income of everyone in the economy and the total expenditure on the economy"s output of goods and services. For an economy as a whole, income = expenditure. Gdp: the market value of all inal goods and services produced within a country in a given period of ime. Real gdp = gdp that is adjusted for inlaion (ignores price changes) Nominal gdp = gdp that takes both price and quanity changes into account.
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