{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

econ3 5-1 - Chapter 5 part 1(GDP Econ Growth 1 Economic...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1-18-08 Chapter 5 part 1 (GDP & Econ Growth) 1. Economic welfare a. A compressive measure of the general state of economic well-being. (infrastructure, cleanness, and etc) b. Environment conditions are not added. c. GDP is not measure of Economic welfare 2. Wealth a. Value of all things that people own (ex. Stock, physical things that individual actually own) b. GDP is not measured 3. Gross Domestic Product a. The market value of all final goods and services produced within a country during a given time period b. Measure of market c. Y = Gross Domestic Product d. Market value i. Convert unit to unify or make comparison ii. Currency or dollar 1. Market place is where transaction happens. iii. Air or clean are not accounted iv. Can’t change e. All final goods and services i. Final VS. Intermediate 1. Final
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
a. Things purchase by final user 2. Intermediate a. Middle man (people who try to make benefit out of selling it again) b. Does not take in count of GDP because it would be double counting 4.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}