Economics 1022A/B Study Guide - Final Guide: Phillips Curve, Tim Hortons, Basis Point
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ECON 1022A/B Full Course Notes
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The total (aggregate) dollar value of all goods and services produced in a country in a year. Only includes inal goods and services (products that will be sold to ulimate user) Per capita gdp (and per capita real gdp) Gdp includes replacement of capital (add back depreciaion to income low) Ndp excludes replacement of capital (don"t add back depreciaion to income low. ) Domesic means produce in canada and naional means produce by canadian. Calculate the new exports. (use the graph above to help solve quesion) Since household saving is 70, means 70 goes to the inancial market. Government borrowing is 10 and business investment is 30. Since inancial market has already had 70, 70-10-30 gives 30. Inlaion rate: (price in period 2-price in period 1)/price in period 1 x 100. Natural unemployment does not include cyclical unemployment. Full unemployment: when unemployment rate equals natural rate of unemployment. Calculate the number of people not in the labour force.