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ECON 102 Study Guide - Final Guide: Business Cycle, Efficient-Market Hypothesis

117 views16 pages
jademouse679
16 Oct 2011
School
Simon Fraser University
Department
Economics
Course
ECON 102
Professor
Angela Trimarchi

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Document Summary

Chapter 1 introduction: key idea: scarcity, economic resources. Positive and normative statements: positive > what is, was or will be, normative > what ought to be, something that is true of a part that is true of the whole, after this therefore because of this. Chapter 5: measuring a nation"s income: gdp market value of all final goods and services produced within a country in a given period of time, doesn"t include used or second hand goods. Value added approach: value sales of goods. Income approach: national income, total spending on all final goods and services. 2 (consumer consumption + investment + gov. spending) + (exports imports: gross national product, output produced by a countries domestic residents (canadians) Doesn"t have to be within borders of canada. Gdp net investment income to foreigners: canadian investment. Inflation rate: (nominal gdp / real gdp) * 100, percentage change in the gdp deflator from a year to the next, characteristics of the ppf.

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Related Questions

In the circular flow diagram, in the markets for

a. Goods and services, households are buyers and firms are sellers.

b. The factors of production, households are buyers and firms are sellers.

c. The factors of production households and firms are both buyers.

d. Goods and services, households and firms are both sellers.

In the circular flow diagram, in the markets for

a. The factors of production, households are sellers and firms are buyers.

b. The factors of production, households and firms are both buyers

c. Goods and services, households and firms are both sellers.

d. Goods and services, households are sellers and firms are buyers.

3) The circular flow of income illustrates A) the flows of expenditures and income in a household. B) that firms own the factors of production C) the interaction of households and firms through the factors and goods markets D) the payments flow moves in the same direction to the factors and goods flows. E) that there is no relationship between goods markets and factor markets.