[ECN 204] - Final Exam Guide - Ultimate 38 pages long Study Guide!

• School: Ryerson University
• Department: Economics
• Course: ECN 204
• Professor: Leo Michelis

Document Summary

6. 1: assessing the health of the economy: performance and policy. Recession: a period of decline in total output, income and employment. Real grp (real gross domestic product: measure value of goods and services within the borders of a country during a specific time period. Unemployment: high rate of unemployment are undesirable. If it is inflation it will cost the family more money to buy items: can cause decreases in standard of living, su(cid:396)p(cid:396)ise ju(cid:373)p i(cid:374) i(cid:374)flatio(cid:374) (cid:396)educes the pu(cid:396)chasi(cid:374)g po(cid:449)e(cid:396) of people"s sa(cid:448)i(cid:374)gs. When output increase so did the population. But when the output of technology and factory started to grow the standard life of living increases. Modern economic growth: nations for the first time have experienced sustained increase in real gdp per capita. First, it converts each country"s gdp from its own currency into u. s. dollars so no confusion exists about the values of different currencies.