ECN 301- Final Exam Guide - Comprehensive Notes for the exam ( 256 pages long!)
29 Mar 2018
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Fall 2017: what does the next of additional step mean for you, marginal benefits vs. Firms: households, government, apple inc. sells apples (final good) to households and to juice inc. (intermediate good, government collects taxes. Income approach: the income approach measures the incomes received, expenditure approach. Ecn301 lecture 2 notes: product approach, gdp includes only goods and services newly produced within the current period. It is a sum of value added (value of an output minus value of its inputs) They are included into canadian gnp, not gdp: foreign owned capital and labour used in canada produce output and income. They are included into canadian gdp, not gnp: net factor payments from abroad (nfp) is: Income paid to domestic factors of production by the rest of the world: minus income paid to foreign factors of production by the domestic economy, fact.
