ECF1200 Lecture Notes - Lecture 1: Business Cycle, Price Level, Final Good

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18 Oct 2018
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Learning objectives: explain how total production in an economy is measured, discuss whether gdp is a good measure of economic wellbeing, discuss the difference between real gdp and nominal gdp, understand how the economic growth rate is measured. Indonesia has almost 11 times the population of australia, but total production (cid:894)gdp(cid:895) (cid:449)as arou(cid:374)d (cid:1011)(cid:1004) per (cid:272)e(cid:374)t of australia(cid:859)s i(cid:374) (cid:1006)(cid:1004)(cid:1005)(cid:1010): . (cid:1006) trillion compared to. Australia(cid:859)s . (cid:1011) trillio(cid:374) about 15 times lower per person. Coffee -> labor, capital, machine, beans, milk, water: gdp includes only current production, current production is that which takes place during the indicated time period; gdp does not include the value of used (second-hand) goods. Other measures of total production and total income. In addition to gdp, the australian bureau of statistics (abs) uses other methods to measure production and income, including: Suppose that in 2018 a very simple economy produces only the following four goods and services: eye examinations, pizzas, textbooks and paper.

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