ECON 1010 Study Guide - Quiz Guide: Firestone Tire And Rubber Company, Pcl Construction, Air Canada
Document Summary
Chapter 4: gross domestic product (gdp) is the market value of all the final goods and services produced. An example of an intermediate good is wheat sold to a baker to make bread. Chapter 4: a final good is an item that is bought by its final user during a specified time period. Item 1: the purchase of a new security system for parliament. Item 3: banking services bought by a student. Consumption expenditure + investments + government + rest of the world expenditures. 4. 2 key term quiz: real gdp is the value of the final goods and services produced in a given year expressed in terms of the prices in base year. The largest component is wages, salaries and supplementary labour income: to make total income equal to gdp we add indirect taxes less subsidies and add depreciation, nominal gdp is a more precise name for gdp.
