ECON 1010 Chapter Notes - Chapter 20: Political Freedom, Environmental Quality, Potential Output
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22 Jan 2016
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Gdp- gross domestic product: is the market value of the final goods and services produced within a country in a given time period. Market value- prices at which items are traded in markets. (+ all items) Final goods and services- is an item that is brought by its final user during a specified time period. Contrasts with intermediate good- produced by one firm, bought by another and used by a final good. (processed then resold, investment goods are final goods) Ex: ford truck= final good, firestone tire= intermediate good. Final goods + intermediate goods= problem call double counting (final good includes intermediate) Whether a good is intermediate or final depends on its use (ex: ice cream/ restaurant sundae) Some items are neither & not included in gdp: stocks, used cars (part of gdp when it was produced) Produced within a country- goods and services produced within country count in.
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