ECON 2000 Chapter Notes - Chapter 2: Gdp Deflator, Capital Good, Avgas
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10 Dec 2016
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Measuring the macro economy: gdp, inflation rate, unemployment rate. Final good is used to avoid double counting of products. 2. 1. 1 what does gdp mean: gross: depreciation of capital is not excluded. Gross national product: value of final goods and services produced by residents of a country, even if the production takes place outside of that country. Gnp measures the production of goods and services by factors of production (capital, labour, and land), owned by the country"s residents. Gdp = gnp + the earnings of foreign capital in canada earnings of. Canadian capital abroad income of canadians working abroad. Income of foreign factors in canada: earnings of foreign capital in. Canada plus the plus the earnings of foreigners working in canada. Gdp = gnp + income of foreign factors in canada income of. Gdp = gnp + net factor payments. Gdp > gnp by 2: product: measuring production. 2. 1. 2 how statistics canada calculates gdp: gdp is measured using market value.
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