ECO 1 Lecture Notes - Lecture 19: Retained Earnings, Gdp Deflator, Fixed Capital

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Macroeconomics: the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. Business cycle: alternating periods between expansion and recession. Expansion: period in the business cycle where total production and employment are increasing. Recession: period in the business cycle where total production and employment are decreasing. Economic growth: the ability of an economy to produce increasing amounts of goods and services. Inflation rate: the percentage increase in price level from one year to the next. Gross domestic product (gdp): the most commonly used measure of overall economic activity in an economy. It is measured by the amount of goods and services produced in that given year. Gdp only counts new goods and services, not used or resale. Gdp= c + i + g + nx. Consumption: spending by households on goods and services not including new houses. Consumption is further divided up into nondurable goods, services and durable goods.

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