ECON 103 Lecture Notes - Lecture 2: Microsoft Powerpoint, Asthma

• School: UMASS-Amherst
• Department: Economics
• Course: ECON 103
• Professor: Mehrene Larudee

Document Summary

Get data (hw: bea. gov, gdp, current-dollar and real gdp (excel) Studies issues and concepts that involve the whole economy: total. Several main measures: gross domestic product, gross national product, gross national product, net gross product. Annual current-dollar gross domestic product (gdp) of a country= current value of all new marketed goods and services produced domestically (in the country) during the year. But only sales of final goods are counted in gdp, not inputs into production processes: how do we count final goods? (look at powerpoint) Gdp v. gnp: domestic= produce in the country, national= owed by nationals (residents, including corporations) of the country, us gnp (but not gdp) includes value of output of us-owned firms outside the. Us, such as mexico: us gdp (but not gnp) includes value of output (look at powerpoint) Gross- means we have not subtracted deprecation (wearing out, value lost) of capital goods: gross is normally used.