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Canada (162,009)
York University (12,849)
Economics (1,011)
ECON 2000 (85)
Chapter 20

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Department
Economics
Course
ECON 2000
Professor
Theodore Tolias
Semester
Fall

Description
CHAPTER 20: MEASURING GDP AND ECONOMIC GROWTH Gross Domestic Product  Gross Domestic Product (GDP): o Is the market value of all the final goods and services produced within a  country in a given time period o Do not include financial aspects when calculating the GDP  GDP values items at its market value, not by counting the number of items o Market value: the price at which each item is traded in markets   To calculate the GDP, we value the final goods produced o Final good or service:  Is an item that is brought by its final user during a specific time  period o Intermediate goods:  Item that is produced by one firm, bought by another firm, and  used as a component of a final good or service  o When counting, we don’t count the intermediate goods because than we  would be counting the same thing many times (called double counting)  o Financial assets are not included in the GDP   Ex. Bonds, stocks, house   Only goods and services
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