1. National accounts: Part 1 MEASUREMENT ECONOMICS ECON 4700

2. 2 This chapter Introduction to the national accounts Expenditure approach Incomes approach Value added

3. 3 GDP GDP is one of the ways of measuring the size of its economy. GDP is defined as the total market value of all final goods and services produced within a given country or region in a given period of time (usually a calendar year). It is also considered the sum of value added at every stage of production (the intermediate stages) of all final goods and services produced within a country in a given period of time, and it is given a money value.

4. 4 GDP "Gross" means depreciation of capital stock is not subtracted. If we substitute gross investment by net investment (which is gross investment minus depreciation) in the equation above, then we obtain the formula for net domestic product.

5. 5 In the news GDP in December down 0.7% from previous month Q4: $ 393,562,000,000 (current $) 2007: $1,446,307,000,000 (current $) 2007 : $ 1,279,239,000,000 (constant 2002 prices)

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7. 7 Expenditure approach GDP = C + I + G + X - IM