ECON2420 Lecture Notes - Lecture 1: Gdp Deflator, Macroeconomics, Microeconomics

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Lecture 1: the basic concepts of macroeconomics & the goods market (part 1) Examines economy-wide phenomena like changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. On the other hand, microeconomics focus in decisions made by firms and individuals. Gdp (gross domestic product) gives information about the size of the economy and how is performing. Value of the final goods & services produced in the economy during a given year. Sum of value added in the economy during a given period. Sum of incomes in the economy during a given period. Value of nominal gdp can increase because prices rises or quantities rise (or both) Comparing from year to year shows the amount an economy has grown (in $), but does not show how the buying power of those $ has been affected. Real gdp = p0 x q(cid:2930) happen.

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