ECN 204 Lecture Notes - Lecture 2: National Income And Product Accounts, Alimony, National Accounts

• School: Ryerson University
• Department: Economics
• Course: ECN 204
• Professor: Bolor Narankhuu

Document Summary

Naional income accouning: measures economy"s overall performance: stats canada + bank of canada complies naional income and product accounts (assess health of economy, track long run course of economy, formulate polices) Gdp: the main measure of economy"s performances, the total (aggregate) market value of all inals goods/services produced within the borders of a country during a speciic amount of ime. (usually a year, monetary measure. Avoiding muliple couning: avoid muliple couning, only inal goods, final goods: Gdp excludes nonproducion transacions: financial transacions. Public transfer payments (social security or cash welfare beneits) Private transfer payments (student allowances or alimony payments) The sale of stocks and bonds represents a transfer of exising assets (however the brokers free are included for services) Two ways to calculate gdp: the expenditures approach* The sum of all the money spent in buying inal goods. By household, businesses, government, and buyers abroad. The income derived or created from producing inal goods/services.