ECON 101 Lecture Notes - Lecture 5: Gross Domestic Product, Jobless Recovery, National Bureau Of Economic Research
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Document Summary
Business cycles are like roller coasters: some are longer, taller and steeper than others. National income accounting: the national income and product accounts, measure our nation"s economic performance, compare american income and output with that of other nations, track the economy"s condition throughout the business cycle. Gross domestic product (gdp: the nation"s gdp is equal to the total market value of all final goods and services produced by labor and property within its borders, gdp reflects the final value of goods and services produced. Intermediate goods are excluded to avoid double counting: u. s. gdp is a measure of the output produced by labor and property in the united. States: gdp is a measure of the market value of output. Expenditure approach to gdp: the expenditure side of gdp is equal to the sum of, personal consumption expenditures/spending, accounts for slightly more than 70 % of gdp, includes goods and services purchased by households, gross private domestic investments.
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