ECON 258 5.2 The Measurement Of Gross Domestic Product

The market value of all goods/services produced within a time period.

Gross Domestic Product(GDP)

GDP excludes () goods and services, as well as one’s which are produced and consumed at ().

Illegal, Home

A partially made good/service which is used to make other goods and services(paper for example).

Intermediate Good

A good which is directly sold/bought directly and isn’t altered afterward.

Final Good

GDP only accounts for (), since the intermediate goods before them are already counted into its value.

Final Goods

GDP only includes goods and services which have already been (). A car rental to another person, for example, would not count.

Produced

GDP only accounts for goods and services produced within the geographic confines of a ().

Country

GDP is measured in () which are usually yearly or quarterly(3 months).

Intervals

When the government reports quarterly GDP, it presents the data after they have been modified by a statistical procedure called ().

Seasonal Adjustment

The difference between the income calculation of GDP and the expenditure calculation due to imperfect data sources.

Statistical Discrepancy