Economics 202 Chapter 5 - Economics 202 Chapter 5...

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Economics 202, Chapter 5 Detriments of Demand o Taste o Income o Other goods o Expectations o Technology o Factor costs o Number of sellers Measures of Output o How do we measure a nation’s well-being? GDP is commonly used National-income accounting-measurement of aggregate economic activity GDP-gross domestic product. Total value of final output How do we calculate GDP? Each good and service has a price. Complicated by the fact that we use prices to measure gdp and prices change over time. GNP-Gross National Product, output produced by American-owned factories regardless of location GDP-only goods produced within American boarders GDP per capita, total GDP divided by total population Measurement problems: Unreported income and double counting Non-market activities: Work done by a stay at home parent, problem because it causes problems when comparing living standards over time or between countries.
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