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11-26-07 notes - Exam-on quizzes 7 8 9 and new information...

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Exam-on quizzes 7, 8, 9, and new information learned after quiz 9/exam Monday 9:00am 11/26/07 GDP Per capita measurement doesn’t measure distribution/Only measures total wealth doesn’t measure distribution of wealth (Kuwait has good GDP but not everybody is well off) Also doesn’t measure work done within the household by mothers instead of using external help(cleaning services, maids, lawn cutters, babysitting) How would we measure household production? We use market prices to value a good or service in the economy ( aggregate consumption). Illegal goods also don’t show up in GDP measurements/things on the black market Measurement accuracies/in western countries most markets are rather free to set their prices and sell the quantity desired/even if we distorted prices still a free market, no dictated prices like in Russia years ago, their prices did not create an accurate GDP Aggregate Consumption-what a household consumes
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