ECON 1010 Chapter Notes - Chapter 20: Potential Output, Vale Limited, Income Approach

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26 Sep 2015
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Chapter twenty measuring gdp and economic growth. To assess the state of the economy and to make big decisions about business expansion, firms use forecasts of gdp. Gdp or gross domestic product is the market value of all final goods and services produced in a country in a given time period. This definition has four parts: market value, final goods and services, produced within a country and in a given time period. Market value - gdp is a market value which is when goods and services are valued at their market prices. To add apples and oranges, computers and popcorn, we add the market values so we have a total value of output in dollars. Final goods and services - gdp is the value of the final goods and services produced. A final good (or service) is an item bought by its final user during a specified time period.

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