Business Administration - Accounting & Financial Planning ECN502 Lecture Notes - Lecture 5: Gross Domestic Product
1 Jun 2018
School
Professor
Chapter 5
National Income and Product Accounts
National Income Accounting
• National income accounting: the process of collecting,
measuring, and recording data on the economy’s output.
• Statistics Canada: the agency responsible for collecting
and publishing national economic and social data.
http://www.statcan.gc.ca
The Output of a Country
• Gross domestic product (GDP): the market value of all
final goods and services produced in an economy over a
period
– Most widely used indicator of current economic
activity
– GDP is a flow concept
– Measured in monetary terms
GDP
• Double counting: counting an item more than once when
measuring GDP.
• Double counting can be avoided by taking sums of values
added or the value of the final product.
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