ACC 1110 Lecture Notes - Lecture 9: Xm Satellite Radio, Market Basket, Black Market

• School: University of Manitoba
• Department: Accounting
• Course: ACC 1110
• Professor: Jeanbih Pai

Document Summary

Gross domestic product (gdp): total market value of all final goods & services produced annually within a country"s boundaries. Final goods: goods/services purchased for final use (counted in gdp) Intermediate goods: products purchased for resale or further processing/manufacturing (not counted in gdp) Financial transactions: public transfer payments (welfare,el) - not a part of gdp, private transfer payments ($ for christmas) - not a part of gdp, stock-market transactions - not a part of gdp. The income approach: adds up expenditures that are allocated as income to those producing the output. Nominal gdp for inflation: gdp measured in terms of the price level at the time of measurement (unadjusted, gdp = price x quantity, nominal gdp adjusted for inflation, gdp = price x quantity / years. Price index: an index number that shows how the price of a "market basket" changes through time. Base year: the year that other years are compared with when an index is constructed.