ECON 1100 Study Guide - Midterm Guide: Gdp Deflator, Nominal Interest Rate, Labour Force Survey
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12 Oct 2016
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Chapter 4: gdp measuring total production & income. Microeconomics: the study of all households & firms make choices, how they interact in markets, & how the government attempts to influence their choices. Macroeconomics: the study of the economy as a whole, including topics such as inflation, unemployment, & economic growth. Business cycle: alternating periods of economic expansion & economic recession. Expansion: the period of a business cycle during which total production & total employment are increasing. Inflation rate: the % increase in the price level from one year to the next. Economists measure total production by gross domesti(cid:272) p(cid:396)odu(cid:272)t (cid:894)gdp(cid:895). Gdp is the (cid:373)a(cid:396)ket (cid:448)alue of all fi(cid:374)al g& "s p(cid:396)odu(cid:272)ed i(cid:374) a geographic area, during a period of time. Gdp is measured using marketing values, not quantities: Can just add together the quantities of every g&s because of a meaningless mess. Measu(cid:396)e p(cid:396)odu(cid:272)tio(cid:374) (cid:271)(cid:455) taki(cid:374)g the (cid:448)alue, i(cid:374) $ te(cid:396)(cid:373)s, of all the g& "s p(cid:396)odu(cid:272)ed.
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