EC140 Chapter Notes - Chapter 19: Gross Domestic Product, Potential Output, Business Cycle
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Macroeconomics the study of the determination of economic aggregates, such as total output, total employment, the price level and the rate of economic growth. (study of the economy as a whole) Short run output, employment, and inflation, how government policy affects these (study of business cycles) Long-run same variables (study of economic growth and concerned with explaining how investment and technology changes the affects of material living standards) Economic value that is produced belongs to someone in the form of their income produced. Important idea productions of goods/services income: value of national product = value of national income. National income value of total output and value of income claims generated. National income: aggression: nominal national income (current-dollar national income) - total national income measured in current dollars. Real national income (constant-dollar national income) - national income measured in constant (base-period) dollars. Determines extent of change due to quantities or to prices. Value of current output measured at current prices.
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