ECON 2 Chapter Notes - Chapter 23: Used Car, Seasonal Adjustment, Gdp Deflator
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Study of how individual households and firms make decisions and how they interact with one another in markets b. Explain the economics changes that affect many households, firms, and marke simultaneously. Gdp measures two things at once i. ii. iii. Total expenditure on the economy"s output of goods and services. For an economy as a whole, income must equal expenditure b. Money continuously flows from households to firms and then back to households i. Can compute gdp in two ways i. ii. By adding up the total expenditure by households. Adding up the total income (wages, rent, and profit) paid by firms d. Regardless of whether a household, government, or firm buys a good or service, transaction has a buyer and a seller i. Market value of all final goods and services produced within a country in a give period of time b. (23. 2a) "gdp is the market value " i. ii.
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