EC140 Chapter Notes - Chapter 20: Gdp Deflator, British Association For Immediate Care

• School: WLU
• Department: Economics
• Course: EC140
• Professor: Ken Jackson

Document Summary

Ec120 chapter 20: the measurement of national income. It is complex to find a nations total output, since not all goods are final goods and therefore cannot be added to the total directly. Gdp from the expenditure side: adding the expenditures needed to purchase the final output in that year, consumption expenditure (c): household expenditure on all goods and services, e. g. Investment expenditure (i): expenditure on the production of goods not for present consumption. Imports: the value of all domestically produced goods and services purchased from fir(cid:373)s, households, or go(cid:448)"ts i(cid:374) other (cid:272)ou(cid:374)tries. Expenditure on canadian products: exports (x): the (cid:448)alue of all goods a(cid:374)d ser(cid:448)i(cid:272)es sold to fir(cid:373)s, households, a(cid:374)d go(cid:448)"ts i(cid:374) other countries. Expenditure on canadian output: total expenditures, gdp = c + i + g + (x im) all (cid:449)ith su(cid:271)s(cid:272)ript (cid:862)a(cid:863) Gdp from the income side: factor incomes: wages, salaries, interest, business profits, non-factor incomes: indirect taxes and subsidies, depreciation.