1 oct econ - basic prices do not include sales tax market...

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Does doing the dishes have economic value? Yes * Gross domestic product ( GDP): Market value of all final goods & service produced in a country in given a period of time. ( ……. . Market Value $ All = market transaction - Illegal Final = Avoid double counting Goods & services produced in a country in a g * Three ways to calculate GDP 1-output ( basic prices ) 2-expenditure ( market prices ) 3-income ( market prices ) The difference between GDP at market prices is:
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Unformatted text preview: basic prices do not include sales tax market prices do CANADA'S 2009 GDP Equation: Y = C +1 + G + NX CONSUMPTION - DURABLE GOODS, NON-DURABLE, SERVICE INVESTMENT (I) - PURCHASE OF NEW CAPITAL GOODS: MACHINERY $ EQUIPMENT; ALSO NEW HOUSING; INVENTORY Government spending (G) - all levels of government, spening on goods and services ( not transfer payment) Net exports (NX) - purchases of domestically- produced goods by foreigners goods (importants )...
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