ECON 1120 Chapter 6: Chapter 6 Outline
27 Jun 2016
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Document Summary
Gross domestic product (gdp) - the total market value of all final goods and services produced within a given period by factors of production located within a country. Gross national product (gnp) - the total market value of all final goods and services produced within a given period by factors of production owned by a country"s citizens, regardless of where the output is produced. Final goods and services - goods and services produced for final use. Intermediate goods - goods that are produced by a firm for use by another (eg. tires sold to car makers, hard drives sold to apple for ipods). Value added - the difference between the value of goods as they leave a stage of production and their value as they entered. Expenditure approach - a method of computing gdp that measures the total amount spent on final goods and services during a given period.
