ECON102 Chapter Notes - Chapter 20: Root Mean Square, Political Freedom, Potential Output
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27 Oct 2016
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ECON102 Full Course Notes
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Market value gds and svcs are valued at their mkt prices. Nal goods and service vs intermediate goods produced by one rm and bought by another rm component of production within a country in a given period of time. A year or a quarter of a year. Gdp = total expenditure on nal gds = total income. C - consumption expenditure largest portion of the gdp total payment of consumer goods/svcs. Purchase of new plants, equipment and additions to inventory vs nancial investment = related to money. G - government expenditure gov buy gd & svc from rms and their expenditure. Exclude: gov"s transfer to households, biz and provincial gov (subsidies+bene ts) Y - aggregate income amt paid for the use of wages, interest, rent and pro t. Rm pays out their receipts from the sales of goods. Goss - before deducting depreciation net - after deducting depreciation. Gdp = g + c + i + (x-m) = y.
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