Chapter 7 Class - 1. Exp a. Inverstment consumers i. Gorss...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Exp a. Inverstment consumers i. Gorss net 2. Income a. Depere (commumption fixes capital b. Price index i. Inflation defl 3. National Income Accounting a. Bureau of Economic Analysis compiles National Income and Product Accounts i. Measures GDP over 1 year ii. Access health of economy iii. Track long run course iv. Formulate policy 4. Gross Domestic Product a. Measure of aggregate output i. Market valure ii. Final goods iii. Produced within a countriey iv. In a time period b. Monetary Measure i. Number of unites produced * the time c. Avoid multiple counting i. Value is added at each stage of production ii. Market value of final goods iii. Ignore intermediate goods iv. Count value added
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
d. Two Approaches to GDP i. Income approach 1. Count income derived from production 2. Wages, rental income, intrest income, profit ii. Expenditure approach 1. Count sum of money spent for buying the final goods (durable, non-durable) and services (lawyers, doctre, mechanics) 2. Personal consumption expenditures
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/09/2011 for the course ECON 102 taught by Professor Ashookshulka during the Spring '11 term at Harrisburg Area Community College.

Page1 / 5

Chapter 7 Class - 1. Exp a. Inverstment consumers i. Gorss...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online