Economics 1022A/B Chapter Notes - Chapter 20: Factor Cost, Consumer Spending, Income Approach
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11 Jan 2017
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ECON 1022A/B Full Course Notes
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Gdp is the market value of the final goods and services produced within a country in a given time period. Market value = the prices at which items are traded in markets. Final good = an item bought by its final user during a specified time period. Intermediate good = an item produced by one firm, bought by another, and used as a component of a final good or service. Sell factor services (labour, land, etc. ) to firms and receive income = y. Buy consumer goods and services consumer expenditure = c. Buy goods and services from firms government expenditure = g. Financial transfers and taxes are not part of the circular flow. Firms buy and sell goods to the rest of the world. Net exports nx = exports imports = x-m. Buy services of factors of production from households and pay income. Produce goods and services that are sold to households c,
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