Public Administration - Municipal BUS400 Lecture Notes - Lecture 5: Gross Domestic Product, Income Approach
28 Dec 2017
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Document Summary
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. 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. Double counting: counting an item more than once when measuring. Double counting can be avoided by taking sums of values added or the value of the final product. Value added: the difference between the value of a firm"s output and the costs of its inputs . Intermediate product: the output of one firm used as input by another firm. Final product: a product or a service intended for final use. Transactions that do not involve current production are excluded from. Government transfer payments: payments made by the government without receiving goods or services in return.
