ECON 1P92 Lecture Notes - Market Basket, Money Supply, Canadian Dollar

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ECON 1P92 Full Course Notes
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ECON 1P92 Full Course Notes
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Studies the overall or aggregate of the economy. The overall price level, not individual prices. Total production in the economy, not the production by individual firms. Adjustments to changes across the whole economy. Total output produced is the total value of all goods and services produced. The quantity of total output is measured in dollars. If the price level changes over time and are removed, only changes in production remain. What the economy could produce if all the resources were employed at their normal levels of utilization. The difference between potential and actual output. Denote potential output by y* and actual output by y. When actual income (output) is less than potential income. When actual income (output) is greater than potential income. Growth in potential gdp can increase future incomes. Increase in average income doesn"t mean for all (not everyone benefits) Number of adult workers (15 and over) who hold jobs.

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