ECON102 Lecture Notes - Final Good, Intermediate Good, Environmental Quality
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ECON102 Full Course Notes
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Document Summary
Gdp is the market value of all final goods and services produced in a country in a given time period. Market value: goods and services are valued at their market price. Adding up the total market value will produce the total value of output in dollars. Final goods and services: an item bought by its final user during a specified time period. It contrasts with an intermediate good, which is an item used as a component of a final good or service. Excluding the value of intermediate goods and services avoids counting the same value more than once. Produced within a country: gdp measure production within a country - domestic production. In a given time period: gdp measures production during a time period, normally a year or a quarter of a year. Gdp measures the value of production; equal to the total expenditure (on final goods) and total income.