ECO 1102 Lecture Notes - Lecture 3: Canada Pension Plan, Infant Mortality, Gdp Deflator

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Gordon Lenjosek

Document Summary

Eco1101 - lecture 4 - chapter 5: measuring a nation"s income. Market value of all nal goods & series produced within a country in a given period of time: all goods are valued at their market price in dollars. Things that don"t have a market value are exclude (housework) as aerialist activities: nal goods and services intended for the end user. Not goods produced in the past (2nd hand clothing, sale of existing house: all production that occurs within a country"s border, whether done by its own citizens or by foreigners located there. Production by canadians that takes place overseas are not included: usually a year or quartered (every 3 months) Four components: consumption (c, investment (i, government purchases (g, next exports (nx) Total spending by households on goods and services: goods include: Durable goods such as cars and appliances. Non-durable goods such as food and clothing: services include intangible items such as haircuts and health care.