TAILIEUCHUNG - Chap_23MeasuringGDP

Measuring a Nation’ 10 or Economy’ and Expenditure. Whenjudging whether the doing well or poorly, it is natural at the total income that the economy is earning To have this number make sense, also best to look at income Economy’ and Expenditure. For an economy as a whole, income must because:.Every transaction has a buyer and a seller Every dollar of spending by some buyer is a dollar for some seller . Say’s Law-Supply creates it’s own process can be seen using a Circular Flow DiagramGross Domestic Product. Grossdomestic product (GDP) is of the income and an economy It is the total market value of all and services produced within in a given period of time How much is the current GDP?.The Circular-Flow &.Services soldMarket ServicesFirmsInputs , rent,.and &. ProductionLabor, land,.and . | Measuring a Nation’s Income Chapter 10 or 23 The Economy’s Income and Expenditure When judging whether the economy is doing well or poorly, it is natural to look at the total income that everyone in the economy is earning. To have this number make sense, it is also best to look at income per person. The Economy’s Income and Expenditure For an economy as a whole, income must equal expenditure because: Every transaction has a buyer and a seller. Every dollar of spending by some buyer is a dollar of income for some seller. Say’s Law-Supply creates it’s own demand This process can be seen using a Circular Flow Diagram. Gross Domestic Product Gross domestic product (GDP) is a measure of the income and expenditures of an economy. It is the total market value of all final goods and services produced within a country in a given period of time. How much is the current GDP? The Circular-Flow Diagram Revenue Goods & Services sold Market for Goods and Services Firms Inputs for production Wages, rent, and profit Spending Goods & Services bought Households Market for Factors of Production Labor, land, and .

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