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Class Notes for Economics at University of Windsor (page 5)

41-111 Lecture Notes - Lecture 12: Aggregate Demand, Stagflation, Output Gap
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Economics Lecture 12 Contractionary AD Shocks  Result of o Decrease in G 0 o Decrease in I 0 o Decrease in C 0 o Decrease in business confidence  AD curve ...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 13: Investment Goods, Potential Output, Output Gap
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Economics Lecture 13 Automatic Fiscal Stabilizers  Elements of fiscal policy that reduce the responsiveness of real GDP to changes in autonomous expenditures  Recall: Y = [1/(1-b (1-t)+m)] [C + 0 ...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 14: Shortage, Potential Output
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Economics Lecture 14 Productivity  An increase in productivity is called productivity growth  The economy’s level of productivity grows only gradually from year to year but increases substantially ov...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 10: Aggregate Supply, Demand Curve, Aggregate Demand
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Economics Lecture 10 Chapter 23: Output and prices in the short run  So far, we have assumed that prices are constant. We will relax this assumption Demand Side  Increase in price level: ...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 11: Shortage, Output Gap, Aggregate Supply
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Economics Lecture 11 Aggregate Supply Shocks  Aggregate supply shocks cause the price level and real GDP to change in opposite directions o Increase in price = decrease in output = “stagflation” ...

Economics
41-111
Peter Miller
Economics 41-111 Lecture 8: Economics Lecture 8
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Economics Lecture 8 Simple Multiplier (with government) = 1[1b(1t)] Effects of Fiscal Policy Government Expenditures oIncrease in G = increase in autonomous AE 2 expenditures = increase in aggregate AE 1 expenditures = AE ...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 9: Xm Satellite Radio, Open Economy
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Economics Lecture 9 Open Economy  M = mY  Imports = (marginal propensity to import)(national income)  Marginal propensity to import o Measures the increase in import expenditures induced by a ...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 5: Gdp Deflator, Disposable And Discretionary Income, Autonomous Consumption
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Economics Lecture 5 Quantities Prices Year Good 1 Good 2 Good 1 Good 2 1 100 20 10 50 2 ...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 4: Income Approach, Factor Cost
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Economics Lecture 4 Calculating GDP 1. Expenditure Approach  GDP = C + I + G + X – M  Consumption (C) o Household expenditures on all goods and services  Durable goods (lasts more ...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 6: Autonomous Consumption, Consumption Function, Interest Rate
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Economics Lecture 6 Average Propensity to Consume (APC)  Proportion of disposable income households want to consume Average Propensity to Save (APS)  Proportion of disposable in...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 7: Autonomous Consumption, Consumption Function
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Economics Lecture 7 Equilibrium National Income  Y = AE  From our example: AE = 600 + 0.9Y  In equilibrium: o Y = 600 + 0.9Y o Y – 0.9Y = 600 o 0.1Y = 600 o Y = 600 = ...

Economics
41-111
Peter Miller
Economics 41-111 Lecture 1: Economics Lecture 1
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Economics Lecture 1 Economics: A part of social science that deals with our society allocating limited resources to different alternative uses in order to maximize the production of goods and services, which in turn will...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 2: Output Gap, Potential Output, Gulf War
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Economics Lecture 2 Recessions in Canada (since 1960)  March 1960-March 1961 o Fall in construction sector  December 1974-March 1975 o Inflation and financial crisis in the USA  Janua...

Economics
41-111
Peter Miller
41-111 Lecture Notes - Lecture 3: Nominal Interest Rate, Real Interest Rate
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Economics Lecture 3 Example: Island Economy Suppose an island produces 2 goods: coconuts and fish. Consider the following data: 2003 Products Price Quantity Expenditures Coconuts ...

Economics
41-111
Peter Miller

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