Cobbe ECO2013F03 Chapter 5Page 1 of 14<When you have completed your study of this chapter, you will be able toC H A P T E R C H E C K L I S TDefine GDP and explain why the value of production, income, and expenditure are the same for an economy.1Describe how economic statisticians measure GDP in the United States.Distinguish between nominal GDP and real GDP and define the GDP deflator.23Explain and describe some of the limitations of real GDP as a measure of the standard of living.45.1 GDP, INCOME, AND EXPENDITURE<GDP DefinedGross domestic product or GDPThe market value of all the final goods and services produced within a country in a given time period. [BUTwith some ‘conventions’ – arbitrary rules to give consistency to the estimates.]Value Produced•Use market prices to value production.
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