Ch 20 - Ch 20. GDP Gross Domestic product- market value of...

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Ch 20. GDP Gross Domestic product- market value of all the final goods and services produced within a country in a given time period.- not included stocks bonds etc. .. second hand goods Market value- use market value to determine not onlyu quantity but price Final goods or services- an item that is bought by its final consumer during a specified time 1 period Intermediate good- an item used in production of a final good Double counting- counting an item each time its sold not as a single final sale Produced within a country- a good must be made in the country in which the GDP is being 1 1 calculated In a given time period- GDP may be divided into quarterly or annually GDP and the circular flow of income Govts Government expenditures- goods and services bought by govt from firms Net Taxes- taxes to govt – transfer payments from govts Transfer payments- cash transfers from govt to firms and households Rest of the world Exports- firms selling to other countries Imports- firms buying from other countries
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This note was uploaded on 04/18/2008 for the course ECONOMIC 020 taught by Professor Parkin during the Spring '08 term at UWO.

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Ch 20 - Ch 20. GDP Gross Domestic product- market value of...

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