Study Guides (256,368)
CA (124,629)
Ryerson (8,675)
ECN (368)
ECN 204 (104)
Amy Peng (18)

ECN204 Lectures 1-5 Guide

4 Pages
150 Views

Department
Economics
Course Code
ECN 204
Professor
Amy Peng

This preview shows page 1. Sign up to view the full 4 pages of the document.
Lecture 1
Macroeconomics examines t whole economy, subdivisions/aggregates
Microeconomics examines t individual units (household, firm/industry) & decision making process
Production Possibilities Model
Assumptions: full employment & productive efficiency, fixed resources, fixed technology, 2 goods (consumer & capital)
Law of Increasing opportunity costs t opportunity cost increases with amount produced, shape steeper
Optimal Allocation when, Marginal Cost = Marginal Benefit, MC = MB
Lecture 2 Ch 2&5
Circular Flow Diagram
Gross national product (GNP) t measures total income earned by domestic citizens
- GNP = GDP + net income from abroad
Gross Domestic Product GDP t market value of final goods & services produced in country during given time period
- Market Value t price * quantity
- Final t consumed by ultimate user, end products of production process, total final sales = GDP
o Intermediate goods/services t used up in production of final goods/services
- Domestic t made in/within country
Expenditure Approach to GDP
GDP = C + I + G + NX
Investment = net investment + depreciation
Government Expenditure = transfer payments
Net Exports = Export t Import
Consumption
Nominal GDP t based on prices when output was produced GDP Deflator = nominal GDP / real GDP * 100
Real GDP t based on prices in some reference (base) year Real GDP = nominal GDP / price index * 100
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
Lecture 1 Macroeconomics examines J whole economy, subdivisionsaggregates Microeconomics examines J individual units (household, firmindustry) & decision making process Production Possibilities Model Assumptions: full employment & productive efficiency, fixed resources, fixed technology, 2 goods (consumer & capital) Law of Increasing opportunity costs J opportunity cost increases with amount produced, shape steeper Optimal Allocation when, Marginal Cost = Marginal Benefit, MC = MB Lecture 2 Ch 2&5 Circular Flow Diagram Gross national product (GNP) J measures total income earned by domestic citizens - GNP = GDP + net income from abroad Gross Domestic Product GDP J market value of final goods & services produced in country during given time period - Market Value J price * quantity - Final J consumed by ultimate user, end products of production process, total final sales = GDP o Intermediate goodsservices J used up in production of final goodsservices - Domestic J made inwithin country Expenditure Approach to GDP GDP = C + I + G + NX Investment = net investment + depreciation Net Exports = Export J Import Government Expenditure = transfer payments Consumption Nominal GDP J based on prices when output was produced GDP Deflator = nominal GDP real GDP * 100 Real GDP J based on prices in some reference (base) year Real GDP = nominal GDP price index * 100 www.notesolution.com
More Less
Unlock Document


Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit