Chapter 20

Chapter 20 - Chapter20

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Chapter 20 GDP  – the market value  of the final goods and services  produced within a country  in  a given time period *Only final goods, not intermediate goods (this would be double counting) Y          =        C        +       I       +      G         +       (  X   -   M  ) Aggregate     Consumption    Investments     Government        Net Exports (exports – imports) Income         Expenditure                             Expenditure                Households         Firms         Government               Rest of World GDP can be measured in two ways: o 1.  By the total expenditure on goods and services (aggregate expenditure) o 2.  By the total income earned producing goods and services (aggregate  income) o * GDP = AE = AI
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This note was uploaded on 03/22/2010 for the course ECON 1022 taught by Professor Hammond during the Winter '10 term at UWO.

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Chapter 20 - Chapter20

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