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Chapter 4

ECON 2010 Chapter 4 Notes

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Department
Economics
Course
ECON 2010
Professor
All Professors
Semester
Winter

Description
1272014Chapter 4Measuring OutputGDP gross domestic productmarket value of the final goods and services produced in a country during a given periodMarket Valuean aggregate measure of quantities produced is neededaggregate by adding up the market value of the market value of the final goods and services produced in a country during a given periodExample In Chapter 4 PowerpointFor nonmarket goods such as government goods and servicesit is value as a costFinal Goods and Servicesconsumed by the ultimate user end products of production included in GDPIntermediate Goods and Servicesused up in the production of final goods not included in GDP to avoid double countingCapital gooda longlived good used in the productionof other goods and servicesValue added
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