Econ102February18 - Econ 102 I Gross Domestic Product The...

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Econ 102 I. Gross Domestic Product: The total “dollar” market value of all final goods and services currently produced within a given period by factors of production located within a country a. How big is U.S. GDP? Look it up! Nominal 2007 U.S. GDP b. Territories GDP count as well c. How can you find it? Sum of all individual sales (sum of all parts), sum of all final sales (sum of wholes) d. Government Consumption and Gross investments (G) i. Counts expenditures by federal, state, and local gov. for final goods and services ii. Doesn’t count transfer payments (aid to other people) e. Net Exports (EX-IM) i. Difference between exports and imports ii. Exports; sales to foreigners of U.S. produced goods and services iii. Imports: U.S. purchased of goods and services from abroad iv. Subtract Net Exports from C, I, and G f. Income approach of GDP: breaks down into 3 components i. National Income (inclusive of indirect taxes minus subsidies, and other misc. stuff) ii. Depreciation (capital consumption allowance) iii.
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