Economics 1022A/B Lecture Notes - Unemployment, Gdp Deflator, United States Treasury Security

• School: Western University
• Department: Economics
• Course: Economics 1022A/B
• Professor: Charles Middleton

Document Summary

Monday 2:30 to 4:30; wednesday 2:30 to 3:30. Policy => know how governments try to influence the economy. Main issues: unemployment, microeconomic view : labour not employed, therefore inside the ppf and are inefficient, measures labour output (measure wealth) Inflation: sustained rise in general price index. Basic units of economy: households people, person, family, etc, consume expenditures on goods and services (consumption, firms, produce products, governments, function varies depending on economy (some produce products, some not, etc. ) In canada, historically governments provide public goods (market system does not produce because they are exclusive) What they really do: spend money = government expenditure: tax: more they spend, more they tax. International: exports and imports, x (exports) m (imports) = net trade, for majority of course, assume net trade is zero. Consumption is related to income, flow of income in, provide consumption out (how much you spend)