[ECO1104] - Final Exam Guide - Ultimate 54 pages long Study Guide!
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ECO 1104 Full Course Notes
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Fix the car, repair is 600, if you spend that money you will sell the car for 800, netting a profit of 200: blue book value is 6,000 if transmission works, 5,500 if it doesn"t. It is the amount of goods produced per hour of a (cid:449)orker"s ti(cid:373)e. Inflation per year in canada averaged about: (cid:1012)% per (cid:455)ear i(cid:374) the (cid:1005)(cid:1013)(cid:1011)(cid:1004)" (cid:894)(cid:1004)(cid:448)erall pri(cid:272)e le(cid:448)el (cid:373)ore tha(cid:374) dou(cid:271)les(cid:895) For the economy as a whole, income equals expenditure, because every dollar a buyer spends is a dollar of income for the seller. Gdp defined: the market value of all final goods and services produced within q country in a given period of time, all goods are valued at their market prices and measured in the same u(cid:374)it"s dollars in. Expenditure components of gdp: recall: gdp is total spending (or expenditure, 4 components, consumption (c) Investment (i: government purchases (g, net exports (nx, y = c + i + g + nx.