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10.21.10 - 10.21.2010 Measuring Domestic Output and...

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10.21.2010 Measuring Domestic Output and National Income Assessing the Economy’s Performance National income accounting – operates in much the same way for the economy as a whole Bureau of economic Analysis (BEA) – agency of the Commerce Department Assess health of economy Track long run course Formulate policy Federal Reserve => Beige Book Commentary on economic conditions Information gathered from business contacts, economists, market experts Gross Domestic Product Gross domestic product (GDP) – defines aggregate output as the dollar value of all final goods and services produced within the borders of a given country during a given period of time A Monetary Measure Avoiding Multiple Counting Intermediate goods – goods and services that are purchased for resale or for further processing or manufacturing Final goods – consumption goods, capital goods, and services that are purchased by their final users, rather than for resale or for further processing or manufacturing
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