[ECON 101] - Final Exam Guide - Ultimate 44 pages long Study Guide!
Document Summary
Economics: the study of how society uses relatively scarce resources. Aggregate: a collection of specific economic units treated as if they were one unit. Intermediate goods: products purchase for resale or further processing or manufacturing. Final goods: goods & services that have been purchased for final use and not for the resale or further processing or manufacturing. Multiple counting: wrongly including the value of intermediate goods in the gdp. Gdp (gross domestic product): the market value of all final goods & services produced within a country in a given period of time. One of the purposes of gdp is so that goods & services produced are not counted twice: ex: if you buy something in canada like a computer that was built in. The parts that were produced in china go into china"s gdp. Things made on the black market (illegal goods &
