Term
| Gross Domestic Product (GDP) |
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Definition
| The market value of final goods and services produced in a country at a given time. |
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Term
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Definition
| Evaluating each good at the price it sells for. |
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Term
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Definition
| Newly produced products that are not intermediate or used. |
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Term
| Gross National Product (GNP) |
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Definition
| The value of output produced by Canadian factors of production, no matter where in the world they are located. |
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Term
| Expenditure Approach (of calculating GDP) |
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Definition
GDP = C + I + G + (EX-IM)
GDP = C + I + G + NX |
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Term
| Income Approach (of calculating GDP) |
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Definition
| Adding up the income received by all factors in production of final goods. |
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Term
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Definition
| What is actually spent on goods and services, or what is earned for their production using "current" prices. |
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Term
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Definition
| Evaluates a year's production based on past prices. |
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Term
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Definition
| Those in the labour force + those not in the labour force. |
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Term
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Definition
| The employed + the unemployed. |
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Term
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Definition
| The unemployed / the labour force. |
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Term
| Labour Force Participation Rate |
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Definition
| The labour force / the working-age population. |
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Term
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Definition
| The employed / the working-age population. |
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Term
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Definition
| Someone unemployed for so long they have up looking for work and left the labour force. |
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Term
| Involuntary Part-Time Worker |
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Definition
| A person won accepts a part-time job or job not using their skills. |
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