Class Notes (839,113)
Canada (511,191)
Economics (1,617)
ECON 1BB3 (535)

lecture six

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Bridget O' Shaughnessy

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How do I know if Im better off than my parents were y GDP if price or if output y Real GDP vs nominal GDP base year prices vs current year prices y GDP deflator a measure of the price level y GDP deflator nominal GDPx 100 Real GDPExample Canadas GDP is based on only two goods skates and hockey pucks Calculate the GDP with the date belowSkates Hockey pucks Year Price Quantity Price Quantity 2006 50 100 3 500 2007 60 200 4 1000 2008 70 300 5 1200base year 2006 Year Nominal GDP Real GDP GDP deflator Inflation ratechange in price from 1 year to the next 2006 50x1003x500
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