Gross Domestic Product Chapter 09 Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
NOMINAL GDP v. REAL GDP. DEFINITIONS Nominal GDP is the market value of all final goods and services produced in a given year. It is calculated as (Price.
Measuring Economic Activity It is also called NATIONAL INCOME ACCOUNTING. Why should we measure? - Observe a country’s performance over time. - Compare.
12/2 Do Now What is a Labor Union? What are 5 factors that impact the wages of a job? (hint, it is under “Other factors that affect wages” from your notes.
Standard 5
