ECO 1102 Chapter 8: Macroeconomics Textbook
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29 Jan 2019
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Economic growth increases the standard of living all over the world. When the economy is doing well there is a lot of jobs and people can live well and securely. National income accounting calculates the value of an economy. Gdp is the sum of the market value of a national economy within a given period of time. The common unit to add up the market value in canada is dollars. In the calculation, we ignore the prices of intermediate goods and services (goods and services used to produce something else) Count only the expenditure of the final goods/service. Gdp is defined in the terms of the location of the product rather than the citizenship of the people producing it. The gross national product is the sum of all final goods and services produced by all permanent residence of a country regardless of where they are producing it.
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