ECON 105 Study Guide - Midterm Guide: Mutual Fund, Financial Risk, Autarky
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28 Feb 2017
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ECON 105 Full Course Notes
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Recession: period of economic upturn downturn when output and unemployment are falling. Business cycle: the short economic alteration between economic downturns known as recessions and economic upturns known as expansions. Fiscal policy: involves the governments use of taxation and spending to influence the economy. Aggregate demand: economic measurement of the sum of all the goods and services produced in an economy. National income and products accounts : method of calculating and keeping track of consumer spending, sales of producers, business investment spending, government purchases. Key variables: level of aggregate income and aggregate output. Note: the flow of money into each market or sector must be equal to the flow of money out of each market or sector. Gdp : equal to the sum of consumer spending, gov spending, investment spending and net exports (exports minus imports) . Final good: a good used by its final user. Intermediate good: goods used up in producing final goods.