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GDP: A Measure of Total Production and Income
GDP: A Measure of Total Production and Income
TotalProductionand
Income
5
CHAPTER CHECKLIST
GDP Defined
Gross domestic product or GDP :
Final good or service is a good or service that is
produced for its final user and not as a component of
another good or service.
Firms
Households
Goods
Expenditure
($)
Quantity
100
20
Price
$1.00
$5.00
< 2003>
Item
Balls
Bats
Quantity
160
22
Price
$0.50
$22.50
We can see that the nominal GDP for base year is the
same with ________ .