ECON 2HH3 Lecture Notes - Gross Domestic Product, Weighted Arithmetic Mean, Root Mean Square
Document Summary
The dollar value of all nal goods and services produced during a given period of time within the borders of a country. C + i + g + n x = y. The value of output produced by domestic factors of production, whether or not the production takes place within the national boundaries. Price index: a weighted average of the prices of a set of goods and services produced in an economy over a period of time. Price level: a price index which includes prices of all goods and services. Two frequently used measures of the price level are: Cost of base year quantities at current prices. Cost of base year quantities at base year prices. In ation rate: the percentage change in the price level from one period to another. Real gdp is the value of nal goods and services produced in a given year when valued at constant prices.