ECON 1116 Chapter Notes - Chapter 7: Internal Revenue Service, Fixed Capital, Income Approach
5 Feb 2016
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National income accounting measures the economy"s overall performance, measuring the inflows of income and expenditures regularly. The bureau of economic analysis (bea), an agency of the commerce. Department, compiles the national income and product accounts (nipa) for the. Aggregate output, or the annual total output of goods and services is the primary measure of the economy"s performance. Gross domestic product (gdp) the dollar value of all final goods and services produced within the borders of a country during a specific period of time, typically a year. Must convert final goods and services into some kind of monetary value so we can compare the value of goods from one year to another year. All goods and services produced in a particular year must be counted once and. Gdp includes only the market value of final goods and ignores intermediate goods altogether. Intermediate goods: products that are purchased for resale or further processing or manufacturing: ex.
