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Canada (509,690)
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ECO102H1 (155)
Lecture

Intro to Macroeconomics: 1. Macroeconomics: Overview 2. GDP 2.1 Expenditure Approach 2.2 Factor Incomes Approach 3. Real Versus Nominal GDP 4. Real GDP and Economic Well-being

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Department
Economics
Course
ECO102H1
Professor
James Pesando
Semester
Winter

Description
Topic 16: Macroeconomics: Introduction Jan 26 -31 st Outline: 1. Macroeconomics: Overview 2. GDP 2.1 Expenditure Approach 2.2 Factor Incomes Approach 3. Real Versus Nominal GDP 4. Real GDP and Economic Well-being 5. Consumer Price Index z Overview Microeconomics: focus on individual firms, households; Macroeconomics: focus on entire economy -- IMF: Projections of Real GDP (percentage increase) 2008 2009 2010 2011 Canada 0.4 -2.6 2.7 2.4 US -0.4 -2.5 2.7 2.4 China 9.6 8.7 10.0 9.7 Russia 5.6 -9.0 3.6 3.4 World 3.0 -0.8 3.9 4.3 Questions (mainly US): 1. Why the dramatic decline in 2009? 2. Why the improvement in 2010 and 2011? 3. In 2011 and 2011, will unemployment fall? (no; US needs at least 3% economic growth to absorb the increase of workers); z GDP J Gross Domestic Product Questions: How do economists measure ^output_? Answers: GDP (Gross Domestic Product) -- measure of output and of incomes earned to produce output; -- Insight: 1. Production of output generates income; 2. National Product =(by definition) National Income; 2. Total expenditures on output = Total incomes earned to produce output; -- Measure using: Expenditure Approach; Factor Incomes Approach -- GDP: 1. GDP: the market value of all final goods and services produced within a country in a given period of time, usually a year; 2. Total expenditures = total income earned; www.notesolution.com
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