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  3. Université De Québec ( )
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  5. Business Economics
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  7. Eco325

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GDP-Production and Growth
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What is GDP? Measure of aggregate output? Nomial Vs Real GDP? Two Approaches to GDP? Shortcomings of GDP? Composition and distribution of the output? Noneconomic sources of well-being? GDP Per Capita Meaning? Production and growth ppt Economic Growth

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  • January 6, 2023
  • 32
  • 2022/2023
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Measuring Domestic
Output and
National Income

,Assessing the Economy's Performance
National income accounting measures the economy's
performance by measuring the flows of income and
expenditures over a period of time.
National income accounts serve a similar purpose for
the economy, as do income statements for business
firms.
Consistent definition of terms and measurement
techniques allows us to use the national accounts in
comparing conditions over time and across countries.
The national income accounts provide a basis for of
appropriate public policies to improve economic
performance.

,National Income Accounting
Bureau of Economic Analysis compiles
National Income and Product Accounts
Assess health of economy
by comparing levels of production at regular
intervals.
Track long run course of the economy
to see whether it has grown, been constant, or
declined.
Formulate policy
safeguard and improve the economy's health.

, Gross Domestic Product
The primary measure of the economy's performance is its
annual total output of goods and services (aggregate output).
There are several ways to measure aggregate output
depending upon how one wishes to define “an economy.”
Measure of aggregate output
GDP is the monetary measure of the total market value of all
final goods and services produced within a country in one year.
GDP is the value of what has been produced in the economy
over the year, not what was actually sold.
Monetary measure
Money valuation allows the summing of apples and oranges;
money acts as the common denominator.

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