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ECN204 *Everything you have to know* for Mid-Term

2 Pages

Course Code
ECN 204
Constantine Angyridis

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Nominal GDP – The Dollar Value of all goods and services produced within a country Real GDP – Corrects for price changes [Compare change in output vs. change in prices] Raising Living Standards- Devote some fraction of current output to increase future output Modern Economic Growth – output per person rises [meaning better living standards] Savings – Accumulation of funds that results when Financial Investment – Purchases of financial assets [Stocks, Bonds…] Economic Investment – Spending for the production and accumulation of capital/additional inventory Households are principal source of savings, businesses main source of economic investing Shocks – One thing is expected, but in reality something different occurs [Demand or Supply Shocks] Short-run fluctuations are the cause of demand shocks Sticky/Inflexible Prices – Product price that remains in place even though supply/demand had changed Flexible Prices – Product prices that react immediately to supply/demand National Income Accounting measures the economy’s overall performance Statistics Canada complies the National Income and Product account (Assesses health of economy, track long-run course, formulate policy) GDP (Gross Domestic Product) is main measure of economy’s performance Final Goods – Goods and Services purchased for final use (not for resale or furt
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