ECO 1102 Study Guide - Midterm Guide: Gdp Deflator, Discouraged Worker, Money Market

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: David Gray

Document Summary

The only precise figures you should know relate to current macroeconomic performance. In other words, be able to describe the economic conditions decade by decade starting in 1930. Weaker dollar helps exports but hurts imports. It is not apart of the real economy. Uncertainty causes supply to fall, pushing up the interest rate. National accounting = distinction between injections and leakages (or withdrawals) has nothing to do with the point about the double identity of all dollars flowing through the economy. Living standards depend on productivity and economic growth. Per capita = for each person; in relation to people taken individually. Macroeconomic institutions and policy = abstract structure created by humans to govern daily affairs. Inflation rate = measures the change in the price level over time. Flow = is amount per unit time stock = an amount observed at a given time. Discouraged worker= not considered to be unemployed because they are not actively seeking work.