ECO 212 Lecture Notes - Lecture 1: Business Cycle, Black Market, Fixed Investment
15 Nov 2016
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Document Summary
The study of economy-wide issues key word is aggregate : how many people have jobs/ incomes rising/ falling. Three pillars of macroeconomics (quiz 1: gdp, consumer price index, unemployment. Gross domestic product (gdp) final market value of all goods and services produced in an economy during a period of time standards (quiz 3) Total amount of everything produced within a specific economy: services can by tangible/ intangible. Intangibles healthcare, entertainment, advice, travel, banking, etc. Us benefits primarily from intangibles most production is outsources. Gives a measurement that we can use to analyze economic growth. Not perfectly straightforward some qualities of life not easily quantified: i. e. apple products are us invented but produced in. China so chinese claim those products as part of their. Gdp was invented in 1947 by keynes. Sum of output from all economic activity: output becomes income. Want to produce only as much as people can. Why is the gdp useful consume: estimate the living standard.
