ECON 2HH3 Study Guide - Final Guide: Gdp Deflator, Indifference Curve, Real Wages

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Gross domestic product (gdp): dollar value of final output produced during a given period of time within the borders of canada. Income approach: y = c + i + g + nx. Gnp: measures the value of output produced by domestic factors of production, whether or not the production takes place inside canadian borders. Components of aggregate expenditure: consumption: 55. 5% of gdp 2007, durable goods, semi-durable goods, nondurable goods, and services. Investment: 20. 3% of gdp in 2007: fixed investments: production of capital: plant, equipment, and housing, inventory invesmtnet: goods put in storage, net exports: 1. 9, government expenditures: 22. 7% Price index: weighted average of the prices of a set of the goods and services produced in the economy over a period of time. Price level: average level of prices across all goods and services. Inflation: one change from a period to another: nominal change: change in gdp occurring only because price level changed, real change: increase in physical quantity of output.

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