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Lecture

ECO202Y5 Macro Economics Lecture 1.docx

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Department
Economics
Course
ECO202Y5
Professor
Vedran Dronjic
Semester
Fall

Description
ECO202Y5 Macro EconomicsLecture 1 Day 1 How do you define GDP Total value of goodsservices produced in a country within a given year value added in the intermediate steps measure of aggregate output sum of incomes in the economy Assumes perfect accounting this cant happen in real life GDPCIGXM14 billion Assumptions Short run economy 1 Price levels are fixed 2 Only one good produced in economy 3 Supply is elastic at price P 4 XM0 closed economy 5 Macroanalysis workers behave similarly
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