ECO 2013 Lecture Notes - Lecture 11: Gross Domestic Product, Starbucks, Xm Satellite Radio
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5 Oct 2016
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Macroeconomy: the aggregation of all individual markets in the economy. The values of each market coming together. Gross domestic product (gdp): the market value of all final goods/services produced in an economy (country) in a given year. Usually used as a measurement of the standard of living. Market value: the price consumers pay for a good/service. Certain products affect the gdp more than others. Final goods/services: only what the final consumer is buying. Intermediate goods: the parts or components included in other goods/services. Physical capital: machines or factories used to produce goods/services. Produced in: only goods/services produced in the u. s. Gross national product (gnp): the market value of all final goods/services produced by a country"s citizens or firms. How do we measure gdp: expenditure approach: money consumer spends on the product. Gdp = c + i + g + (x - m) Aggregate expenditure: total spending in the economy i. Over 70% of the spending in the economy.
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