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Chapter 20

Ec1022_Chapter+20.pdf

4 Pages
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Department
Economics
Course Code
Economics 2152A/B
Professor
Bruce Hammond

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Chapter 20 Measuring GDP and Economic Growth Gross Domestic ProductGDP or Gross domestic product is the market value of all the final goods and services produced within a country in a given time periodA final good or service is an item that is bought by its final user during a specified time periodAn intermediate good or service is an item that is produced by one firm bought by another firm and used as a component of a final good or serviceStudy Figure 201 on p 469 of your textbook This figure shows the circular flow of expenditure and income and gives the following informationThe economy consists of o Firms o Households o Governments o Rest of worldAggregate economic markets are o Goods markets goods and services o Factor markets productive resources Define the following o YIncome o CConsumption expenditure o IInvestment o G Government expenditure o X Exports M Imports o NXNet exportsXMLets summarize what the circular flow diagram tells usHouseholds o Sell factor services to firms and receive incomesY o Spend C on goods and servicesGovernments o Spend G on goods and servicesThe Rest of the World o Spend NX on goods and servicesFirms o Buy the services of factors of production from households and pay incomes Y o Produce goods and services which they sell to households C governments G other firms and themselves I and the rest of the world NX o YCIGNX
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