ECON 1BB3 Study Guide - Final Guide: Seta, The 39 Clues, Troff

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O' Shaughnessy

Document Summary

Product(gdp): market value of all final goods and services produced in a country in a given period of time (measure of how much stuff we make) Yyyy ==== cccc ++++ iiii ++++ gggg ++++ nxnxnxnx (c): (c): (c): durable/nondurable goods and services. Investment(i): (i): purchase of new capital goods; machinery and equipment; new housing; inventory (g): (g): Government spending(g): (g): all levels of government spending on goods and services(not transfer payments) (nx): (nx): Net exports(nx): (nx): purchases of domestically produced goods buy foreigners(exports) minus domestic purchases of foreign goods(imports) Gdpgdpgdpgdp deflator: deflator: deflator: deflator: a measure of the price level. Index (cpi): (cpi): measures overall cost of goods for a typical urban household (measure of price level) Calculating inflation using cpi: fix the basket of goods year) xxxx 100100100100 year) year/cost inininin basebasebasebase year) year/cost current (cost inininin current (cost, cpicpicpicpi ==== (cost year) year/cost current (cost current year/cost.