ECO102H1 Lecture Notes - Output Gap, Gross Domestic Product, Final Good
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Lecture Assignment #12
Introduction to Macroeconomics:
The National Accounts and Other Macro Concepts
Source: LR13, LR 12, Chapter 19 (exclude international economy until later in the
course) and Chapter 20. The derivation in class is not the same as in the text, but the end
results are the same!
1. Some Basic Concepts
1. 1 How do you distinguish between Microeconomics and Macroeconomics?
1.2 Here are a number of key macro variables we will be considering:
• Aggregate output (GDP)
• Rate of inflation
• Rate of unemployment
• Interest rate
• Balance of payments
• Exchange rate
1.3 What are the two major policy levers available that can influence these macro
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