Economics 1022A/B Chapter Notes -Final Good, Intermediate Good, Xm Satellite Radio
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ECON 1022A/B Full Course Notes
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Gdp is the market value of the final goods and services produced within a country in a given time period. Market value: the price at which items are traded in markets. Final goods and services: a final good is an item bought by its final user during a specific time period. Ex: ford truck: an intermediate good is an item that is produced by one firm, bought by another firm, and used as a component of a final good or service. Ex: firestone tire: some goods can be both a final good or intermediate good depending on what it is being used for. Ice cream at home or ice cream in a sundae at a restaurant: some goods are neither a final good nor an intermediate good. Produced within a country: within the boarders of the country. In a given time period: either quarterly or annually.