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24 January 2013 Econ 202

Gross domestic product gdp the market value of final

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Gross domestic product (GDP): The market value of final goods and services  produced in a country in a year GDP = output + income Two ways to increase income (GDP) o Produce more output o Produce a more valuable output Using GDP to measure living standards  Per capita GDP = GDP per person = GDP/Population = measure of average  income Canada and Australia have higher Per Capita GDPs than United States Using GDP to measure economic growth Using GDP to measure business cycles
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Long run average of real GDP quarterly growth rates in US = 3% GDP is the market value of final goods and services produced in a country in a  year Market values o Jeep: manufactured in Toledo, Ohio o Corn  o Quantity x Price = Market Value Goods and services o Services: Output that provides benefits without a tangible product Medical Financial Transportation Entertainment  Produced Used goods not counted Financial assets not counted
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03/06/2013 14:01:00
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03/06/2013 14:01:00
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Gross domestic product GDP The market value of final goods...

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