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Miscellaneous Income Miscellaneous Income TFP Data Systems Form

Miscellaneous Income Miscellaneous Income TFP Data Systems Form

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You'll hear people talking about different ways of looking at GDP and in general they will talk about the expenditure view of GDP. The expenditure view of GDP vs. the income view of GDP and to realize why these get you to the same number for GDP But why you're kind of conceptually looking at 2 different things, we're gonna revisit a very very simple economy- maybe slightly more complicated than that one island economy. So in this economy, we have some households, and that's why it's slightly more complicated, because I am talking about households, not just one house on an island. You have some households and you have some firms. And for the sake of simplicity, we're going to assume that households own all the factors of production. And they essentially rent them out to firms to produce all the goods and services. The firms, and this is another assumption, produce all the goods and services. These are two very strong assumptions and these really are not true in the real world. This just

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