00:01
So here we're talking about gdp, and the first thing we should know is what gdp is, right? remember that gdp is the market value, right? the value that sells for of domestic production, or what i should say is domestic final production.
00:21
So of all the goods intended for consumers, intended for their end use, gdp is the market value.
00:28
So let's go through each of those and see.
00:31
Right? sometimes this is written as y is equal to c plus i plus g plus nx as well.
00:40
One, a new car sale.
00:45
This is included, right? it is a final good that was domestically produced and it belongs in c, right? it's just consumption.
00:55
This is, the consumer is buying a consumer good.
00:59
That's part of consumption.
01:00
Two, we have commercial, just i'm going to put down professional painting.
01:12
Of course, again, this is consumption.
01:16
100%, right? it's a final good.
01:19
The house, you know, the house is not reselling the house or something like that.
01:23
It's just a family home.
01:24
It's buying a good or service, right? again, this would probably just go down under consumption.
01:29
You could argue technically maybe investment, but it's a final good or service, right? because you're not selling it to anyone else, that you're just going to live in the home and you are enjoying the services of the painter.
01:40
Three, we have a used textbook.
01:46
This is not gdp, right? this is not gdp because it was not production...