ECON 050 Chapter Notes - Chapter 2: Job Sharing, Government Spending, Aggregate Demand
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21 Sep 2020
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Measuring output: gdp, real gdp and real gdp per capita. Gdp, aggregate demand and national income economic output is measured with the. Gross domestic product (gdp), sometimes called nominal gdp or just gdp. It is the dollar value of all final goods and services produced in a year within the borders of a nation. Gdp = c + i + g + (ex im) I = gross private domestic investments (spending on new business capital and new houses and inventory changes). This term neglects the depreciation or wearing out of capital goods. G = government spending on final goods and services. This includes government spending on services (like education and police) and government spending on public capital (like roads and sewers). It does not include government spending on transfer payments like social security. (ex im) = foreign spending on u. s. exports minus u. s. spending on foreign imports.
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