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ECON 1000
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MicroeconomicsThe study of how individual households and firms make decisions interact with one another in marketsMacroeconomicsThe study of the economy as a wholeGDP the market value of all final goodsservices produced within a countryin a given period of time Measures a countrys total income and expenditureTransferpaymentsConsumptionC s total spending by households on goodsservicesInvestmentI is total spending on goods that will be used in the future to produce more goods Example machinesInventoriesgoods produced but not yet soldNominal GDP values output valued at current prices It is not corrected for inflationReal GDP values output valued at constant prices of a base year Real GDP is corrected for inflationThe GDP deflator is a measure of the overall level of pricesThe inflation rate is the percentage change in the price level from the previous period The consumer price index CPI is a measure of the overall cost of the goods and services bought by a typical consumer A dollar amount is for inflation if it is automatically corrected for inflation by law oCompounding refers to the accumulation of a growth rate over a period of time Productivity the average quantity of gs produced per unit of labor input Productivity refers to the amount of goods and services that a worker can produce from each hour of workFactors of production The inputs used to produce goods and servicesThe stock of equipment and structures used to produce gs is called physical capitalHuman capital H the knowledge and skills workers acquire through education training and experienceNatural resources N the inputs into production that nature provides eg land mineral depositsTechnological knowledge societys understanding of the best ways to produce gsDiminishing returns As the stock of capital rises the extra output produced from an additional
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