ECON 101 Chapter Notes - Chapter 10-11: Gdp Deflator, Nominal Interest Rate, Real Interest Rate

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1 Mar 2018
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Measures total income of everyone in the economy and the total expenditure on the economy"s output of goods and services. Can perform the trick of measuring both total income and total expenditure because these two things are the same. For an economy as a whole, income must equal expenditure. We can compute this by adding up the total expenditure by households or by adding up the total income paid by firms. Market value of all final goods and services produced within a country in a given period of time. Gdp is the market value of all final goods and services produced within a country in a given period of time. Gdp is the market value - gdp adds together many different kinds of products into a single measure of the value of economic activity. Market prices measures the amount people are willing to pay for different goods, they reflect the value of those goods.

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