Economics Quest

Healthcare for low income Americans funded by Federal and State tax dollars; administered at the state level.

Healthcare for 65 years old and older. Federally funded.

Firms with 25 or more employees must provide HMO options (list of private health clinics that a sick employee can visit)

A primary care physician (PCP) who then refers the mto a specialist (if needed)

10%

Study of broad trends and aggregate performance of the national economy and the global economy.

The total market value of all final goods and services produced within a country in one year (not adjusted for inflation)

Abandoned by Canada in 1986, the total market value of all final goods/services produced only by Canadian-owned factors of production both in Canada and in other countries. Production in Canada by foreign owned factors of production were excluded from Canada's GNP.

Nominal GDP with the effect of inflation removed

Canada abandoned teh GDP Deflator method in 2001 and began using the Chain Fisher Volume Index to remove the ffects of inflation every quarter (3 months)

Real GDP = nominal GDP/GDP inflator x 100

Goods produced by a firm and sold to another firm to be used as a component in a finished good. The market value of these goods is not included in GDP because ti is built into the market value of the final/good service. - Prevents double counting

Expenditure Approach Income Approach

Add up the total spent on final goods/services in one year in a country

Add up all the income that is earned by the different factors of production (wages, rent, interest, profit) used to produce the final goods/services.