ECON-101 Study Guide - Midterm Guide: Grey Market, Exchange Rate, Money Supply
Document Summary
Economics: the study of how society uses relatively scarce resources. Aggregate: a collection of specific economic units treated as if they were one unit. Intermediate goods: products purchase for resale or further processing or manufacturing. Final goods: goods & services that have been purchased for final use and not for the resale or further processing or manufacturing. Multiple counting: wrongly including the value of intermediate goods in the gdp. Gdp (gross domestic product): the market value of all final goods & services produced within a country in a given period of time. One of the purposes of gdp is so that goods & services produced are not counted twice: ex: if you buy something in canada like a computer that was built in. China you cannot count it in canada and china"s gdp. The parts that were produced in china go into china"s gdp. Things made on the black market (illegal goods &
