The value of total production of goods and services in Canada is called its
â–¼
overall product
national income
marginal output
. National
â–¼
productivity
inflation
income
and national
â–¼
employment
unemployment
product
are equal because all production generates a claim on its value in the form of income.
Part 2
b. In measuring Canada's total output, it would be meaningless to add together all goods and services produced during one year (i.e., 50 comma 000 trucks plus 14 million dozen eggs plus 100 million haircuts, etc.). Instead, total output is measured in
â–¼
other goods
dollars
units
.
Part 3
c. The difference between nominal national income and real national income is that with the latter,
â–¼
prices
goods
units
are held constant to enable us to see changes in
â–¼
other goods
quantity
values
.
Part 4
d. If all of Canada's resourceslong dashits land, labour, and capitallong dashare being employed at normal levels of utilization, then we say that Canada is producing its
â–¼
actual
potential
national
realized
expected
output.