CHEM 2OD3 Study Guide - The Canadian Press
16 Nov 2014
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Document Summary
Canadian gdp growth to hit 2. 6% in 2014, rbc predicts. Gross domestic product (gdp): the market value of all final goods and services produced in a country within a given time period. Gross national product (gnp): the sum total of all goods and services produced in a national economy and by citizens residing in other countries. Economic growth: an increase in capacity of an economy to produce goods and services compared from one time period to another. Product approach: measures economic activity by adding the market value of goods and services produced, excluding any goods and services used up in the intermediate stage of production. Income approach: measures economic activity by adding all income received by producers of output, including wages and profits. Expenditure approach: measures activity by adding the amount spent by all ultimate users of output. Value-added: value of output minus value of inputs it purchases from other producers. Application and analysis of economic concepts and theories:
