ECON2234 Lecture 1

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/4

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

5 Terms

1
New cards

How do we measure aggregate output?

national income and product accounts

2
New cards

What is the complication with calculating aggregate output?

We need to account for intermediary goods

3
New cards

What is method 1 for calculating aggregate output?

Using the value of the final good - this then makes GDP the value of final goods and services added together.

4
New cards

What is method 2 for calculating aggregate output?

Adding the value of intermediary goods to the final good it was used in - this makes GDP the sum of value added int he economy during a given period.

5
New cards

What is method 3 for calculating aggregate output?

Adding the wages paid to workers and the profit of the firm - this makes GDP the sum of income.