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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 19: Aggregate Demand, Nairu, Potential Output

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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 18: Stagflation, Money Supply, Aggregate Demand

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Is a ride in the average level of prices. Commonly measured as the annual percentage change in cpi. First step- add sustained/ constant inflation to th
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 21: Monetary Transmission Mechanism, Frictional Unemployment, Nairu

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Real gross domestic product: changes in real gdp indicate changes in total economic activity, strongly tied to changes in (un)employment. Employment an
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 22: The Canadian Press, Demand Curve, Capital Account

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Exchange rate: amount of domestic currency needed to purchase a unit of foreign currency. Note: canadian media report the u. s- canada exchange rate. D
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 24: Market Clearing, Business Cycle, Nairu

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Key to understanding macroeconomics- feedback effects are critical. Most variables are endogenous (determined within the model) Course is designed to c
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 20: Real Interest Rate, Potential Output, Deficit Spending

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Net tax revenue (t) = taxes collected total transfers. Government spending, g, is part of aggregate expenditure. So far, budget surplus defined as taxe
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 23: Foreign Exchange Risk, The Canadian Press, Demand Curve

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Records transactions between canada and the rest of the world. Buying and selling of goods, services and assets. Payment to canada recorded as a debit.
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WLUEC140Ken JacksonSpring

EC140- Final Exam Guide - Comprehensive Notes for the exam ( 57 pages long!)

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Nominal national income: calculated in current dollars. Total production of goods and services valued at market price (where possible) Real national in
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 12: Creative Destruction, Structural Unemployment, Market Structure

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Rising living standards: normally measured by real per capita gdp, median income may be better measure of common living standards. Higher incomes lead
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 13: Fiat Money, Money Supply, Commercial Bank

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Money as a medium of exchange: widely accepted in exchange for goods/services, eliminates need for barter/double coincidence of wants, easily recogniza
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 8: Aggregate Demand, Price Level, Aggregate Supply

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Lecture 8: output and prices in the short run. The money that people hold can buy fewer goods. Ad curve shows level of real gdp for each price level wh
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 3: Counting Measure, Gdp Deflator, Environmental Quality

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If all production was sold and consumed, gdp would be easily measured. Outputs of one company are imputes for others. Measuring value of output counts
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 2: Output Gap, Potential Output, Business Cycle

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Nominal national income: calculated in current dollars. Total production of goods and services valued at market price (where possible) Real national in
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 5: Consumption Function, Expenditure Function

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Governments have two functions in this model. Purchase goods and services, g, this is assumed to be autonomous with respect to income. Net tax revenues
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 6: Real Gross Domestic Product, Gross Domestic Product, Nominal Interest Rate

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Expenditure on output produced this year (or month or quarter) Nominal gross domestic product- value of current output calculated at current prices. Re
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 4: Autonomous Consumption, Expenditure Function, Consumption Function

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Gdp measured in expenditure is made up of. Autonomous: expenditure does not change when income changes. Induced: expenditure changes when income change
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 9: Diminishing Returns, Aggregate Demand, Government Spending

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Lecture 9: output and prices in the short run. Price level change has larger effect on output. Countries like luxenberg, which are very small, will hav
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 19: Aggregate Demand, Nairu, Potential Output

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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 10: Output Gap, Unemployment, Potential Output

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Real gdp determined by intersection of supply and demand. Technology and factor supplies are assumed constant. Total output if all productive resources
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 20: Real Interest Rate, Potential Output, Deficit Spending

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Net tax revenue (t) = taxes collected total transfers. Government spending, g, is part of aggregate expenditure. So far, budget surplus defined as taxe
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 18: Stagflation, Money Supply, Aggregate Demand

OC5374884 Page
0
Is a ride in the average level of prices. Commonly measured as the annual percentage change in cpi. First step- add sustained/ constant inflation to th
View Document
WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 22: The Canadian Press, Demand Curve, Capital Account

OC5374884 Page
0
Exchange rate: amount of domestic currency needed to purchase a unit of foreign currency. Note: canadian media report the u. s- canada exchange rate. D
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