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Lecture week 2 friday

Lecture week 2 friday - Economic welfare a comprehensive...

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Economic welfare: a comprehensive measure of the general state of economic well-being Wealth: the value of all the things that people own the market value of their assets GDP: the market value of all final goods and services produced within a country during a given time period y= GDP - Use dollars to determine the value - Market determines how much $ - Strength common unit easier to trade Weak: goods/ services aren’t traded in markets. (ie clean, air, water) Final good – an item that is bought by its final user during the specific time period Intermediate firm: produced by one firm, bought by another – intended to change of use for profit Intermediate good: an item that is produced by one firm bought by another firm and used as a component of a final good or services by using counting goods/services only count once Capital goods: machinery auto use to produce good/ser for profit treated as final goods Purchased by firms, treated as final GNP: measures all output produced by citizens of the country
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