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Canada (509,305)
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Economics (37)
ECON 2210 (30)
M.Yu (30)
Lecture

Real income and relative prices.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Real income and relative prices - Economic decisions depend on real income and relative prices - Real income: a measure of how many actual goods one can consume, and is given by nominal income an individual has divided by some type of price level - Real income = - M = number of dollars the consumer has, called nominal income - Real income cause changes in behavior - Inflation is an increase in the money supply relative to the amount of goods and services available in an economy
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