ECON 203 Lecture Notes - Lecture 3: Gross Domestic Product
3 Mar 2017
School
Department
Course
Professor
Document Summary
Macroeconomics indicators & their significance for economic analysis. Objective: understand how a society (economy) works, how it can grow/develop. Discuss the role of the government and of the central bank and the strategies implemented to help and economy grow. A measure for the standard of living (well-being) in an economy: value of everybody"s contributions to the economy = value of production = value of all the activities in an economy (everybody"s work) = gross domestic product (gdp) Ex; includes the value of my teaching (effort), the value of your textbook, what you eat, wear, drive, house, trips, healthcare . = value of production produced by domestic produces (companies, workers, located within the territory of the country) Gdp = market value (quantities * prices volume of production) of all final goods and services purchased by the ultimate consumer not additional transformation)
