ECON 200 Lecture Notes - Lecture 22: Aggregate Demand, Aggregate Supply, Government Spending

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ECON 200 Full Course Notes
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ECON 200 Full Course Notes
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Price level (pl) is determined by cpi (consumer price index) Price level is the current spectrum of prices for goods and services at a speci c point in time. In ation is the upward movement of the price level. To nd rate of in ation: take difference from then and now and divide by original price. If producer price index increases, then consumer price index increases. Producer price index is best to look at to predict change in prices. Gdp: gross domestic product; total market value of all nal goods and services produced inside a country in a year. Gdp = c + i + g + (x-m) A stock concept is what you see at a speci c point of time. Consumption is the largest part of real gdp (usually 2/3) 88% of the us economy is driven by the private sector. The drag on the economy is the trade de cit.

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