ECO 1102 Lecture 4: Lecture 4
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4 Aug 2016
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ECO 1102 Full Course Notes
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Microeconomics: the study of how individuals and how firms make decisions and how they interact in markets. Macroeconomics: the study of economy wide phenomena, including inflation, unemployment, and economic growth. Gross domestic product (gdp): measures the total income of a nation; the most closely watched economic statistic because it is the best measure of a society"s economic well-being. For an economy as a whole, income must equal expenditure. Add 2 sides of equality it makes an equality. Missing part is important for economy (cid:0) If pay for goods here, you work the taxes. Gdp: the market value of all final goods and services produced within a country in a given period of time: measure of econ well-being, undp calc this measure in developing countries o. Gdp adds together many different kinds of products into a single measure of the value of economic activity. Recorded to government: some things aren"t recorded, not taxed, illegal activities.
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