econ3 5-1 - 1-18-08Chapter 5 part 1 (GDP & Econ...

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Unformatted text preview: 1-18-08Chapter 5 part 1 (GDP & Econ Growth)1.Economic welfarea.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 welfare2.Wealtha.Value of all things that people own (ex. Stock, physical things that individual actually own)b.GDP is not measured3.Gross Domestic Producta.The market value of all final goods and services produced within a country during a given time periodb.Measure of marketc.Y = Gross Domestic Productd.Market valuei.Convert unit to unify or make comparisonii.Currency or dollar1.Market place is where transaction happens.iii. Air or clean are not accountediv. Cant change e.All final goods and servicesi.Final VS. Intermediate1.Finala.Things purchase by final user2.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 counting4.Capital Goods a.Purchased by firm to produce profit...
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This note was uploaded on 12/02/2009 for the course ECON econ taught by Professor For got during the Spring '09 term at UCSD.

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econ3 5-1 - 1-18-08Chapter 5 part 1 (GDP & Econ...

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