ECON 1BB3 Chapter Notes - Chapter 10: Gross Domestic Product, Income Approach, Real Income
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12 Oct 2016
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Tats ca(cid:374)ada prepares the (cid:272)ou(cid:374)try"s (cid:374)atio(cid:374)al i(cid:374)(cid:272)o(cid:373)e a(cid:272)(cid:272)ou(cid:374)ts, (cid:449)hi(cid:272)h gi(cid:448)e (cid:448)arious (cid:373)easures of total i(cid:374)(cid:272)o(cid:373)e a(cid:374)d spending in the canadian economy. It allows us to evaluate the performance of the canadian economy and (cid:272)o(cid:373)pare it (cid:449)ith other (cid:374)atio(cid:374)"s e(cid:272)o(cid:374)o(cid:373)ies. Gross domestic product or gdp is the total dollar value of all final goods and services produced in the economy over a given period. The dollar value is calculated at current prices, and the period is typically a year. Gdp is calculates using two approaches, income approach and expenditure approach. The income approach involves adding together all the incomes in the economy to give gdp. The expenditure approach involves adding together all consumers spending in the economy to give gdp. The gdp found using the income approach and gdp found using the expenditure approach is the same because all spending on final consumer products ends up as some form of household income.
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