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Summary ECON122 Notes (Chapter 13,21 and 22 )

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Good notes that cover the most important concepts of each Chapter. It is easy to learn from notes and to understand the work. It helps to understand more difficult concepts better and is visually pleasing to learn from.

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Chapter 13 (video


First way to Calculate GDP




factors
(sell-buy) Incomeroo Profit = Value added
Wages interest rent prot an




soa
t




↓ Income method add up everything
t = R17000




·
Production Method (total amount of all value added
= R17000




· Expenditure Method (last amount in
your production cycle



Second way to calculate GDP




j
measur
it
GDP = C + 1 + G + X -
2

Both omics
GDE = C + 1 + G


NI =


N 3 measure t
MP (market prices
Caneithed 2vt Only diff
* . in terms of taxation and subsidies

FP (factor prices ( XS


2oxt
VS




depriciation

G *
Bu
N
(gross) + depriciation
(net)




FE + Fl


Pestic
.
Bu
* N
com + FE Fl (national)



+ X Z

P
enditure
m

X + z (production (



t + S

↑P *
Bu
FC
+ t S
(Market prices (
-




(factor cost)

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