Discussion 2.4.11

Discussion 2.4.11 - GDP Week 3 of Econ 2020 Discussion...

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Unformatted text preview: GDP Week 3 of Econ 2020 Discussion Session Scott Laughery Next Clicker Question What was the unemployment rate in January 2011? So now you have the question and the answer. Hows that for service? Quick Review of Key* Concepts What gets counted in GDP? (And what does not get counted?) Four Components of GDP Calculating Growth Rate Real vs Nominal * In my judgment. What gets counted? Remember! GDP is the market value of final goods and services produced in a given country in a given period. What gets counted? Remember! GDP is the market value of final goods and services produced in a given country in a given period. market value: everything included in GDP is measured in dollars. GDP is a sum of dollar values. What gets counted? Remember! GDP is the market value of final goods and services produced in a given country in a given year. market value: everything included in GDP is measured in dollars. GDP is a sum of dollar values. final goods and services: intermediate goods and services things used for production of other things, are not counted. If lumber is used to produce houses, the market value of the lumber itself is not counted in GDP. What gets counted? Remember! GDP is the market value of final goods and services produced in a given country in a given year. market value: everything included in GDP is measured in dollars. GDP is a sum of dollar values. final goods and services: intermediate goods and services things used for production of other things, are not counted. If lumber is used to produce houses, the market value of the lumber itself is not counted in GDP. produced: GDP measures production. Transactions where no good or service is produced (transfers, purchase and sale of used goods, purchase or sale of stocks or bonds) are not included in GDP What gets counted? Remember! GDP is the market value of final goods and services produced in a given country in a given year . market value: everything included in GDP is measured in dollars. GDP is a sum of dollar values. final goods and services: intermediate goods and services things used for production of other things, are not counted....
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Discussion 2.4.11 - GDP Week 3 of Econ 2020 Discussion...

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