ECON 2010 Chapter Notes - Chapter 23: Gdp Deflator
Document Summary
In layman terms, macroeconomics studies the economy as a whole: the economy"s income and expenditure, the gross domestic product or gdp measures the total income of a nation; the. Gdp measures both income and expenditure because every transaction has a buyer and a seller: the market value of all final goods and services produced within a larger. The gdp collects and compares the value of different goods and economy in a given period of time defines the gdp. services. complex to measure. and services twice. The gdp collects the value of all goods and services that are not too. The gdp collects only the value of final goods to avoid counting goods. The gdp collects the value of both goods and services. The gdp collects the value of goods and services that are currently produced, not the value of goods and services of the past.
