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Final Study Guide Study guide with notes

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Simon Fraser University
ECON 102
Angela Trimarchi

EC 10203Final Exam Review Summary W111Chapter 1IntroductionKey IdeaScarcity Economic ResourcesLandLabour CapitalEntrepreneurshipOpportunity CostPositive and Normative StatementsoPositivewhat is was or will be oNormativewhat ought to be Fallacy of CompositionoSomething that is true of a part that is true of the wholePost Hoc FallacyoAfter this therefore because of thisChapter 2Circular Flow ModelTwo sectors of the economy Households and firmsTwo markets Goods market and factor marketHouseholds Buyers in the goods marketSellers in the factors of production marketFirmsBuyers in the factors of production marketSellers in the goods marketChapter 5Measuring a Nations IncomeGDPMarket value of all final goods and services produced within a country in a given period of time oDoesnt include used or second hand goodsThree ways to measure GDPValue Added ApproachoValue sales of goods Including intermediate goods Income ApproachoNational incomeExpenditure ApproachoTotal spending on all final goods and services CIGXMEC 10203Final Exam Review Summary W112Consumer consumptionInvestmentGov spendingExportsImportsGross National ProductoOutput produced by a countries domestic residents CanadiansDoesnt have to be within borders of Canada GDPNet investment income to foreignersCanadian Investment Investment IncomeoPayment of interestdividends for the ownership of capitalDifference between Gross National Product and Gross Domestic ProductoInvestment income of Canadians oGoods and services produced in Canada Nominal GDPoGDP current price Real GDPoGDP constant price Calculation of the Fisher Volume Indexoyr2 Q x yr1 Pyr1 Q x yr1 Pyr2 Q x yr2 Pyr1 Q x yr2 PGDP Deflatora measure of the price level as calculated as the ratio of nominal GDP over real GDP times 100oNominal GDPReal GDP100Inflation RateoPercentage change in the GDP deflator from a year to the next Characteristics of the PPFDownward slopingAttainable versus unattainable pointsEfficient versus inefficient pointsSlope represents opportunity costThere are many possible attainable pointsComparative AdvantageoRelative opportunity cost advantageAbsolute AdvantageoOpportunity cost advantage in everythingMore efficient Chapter 6Measuring the Cost of LivingoInflationoA rise in the overall level in prices steady climb oDeflationoA fall in the overall level of pricesoDisinflationoA decrease in the inflation rate Consumer Price Index
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