Study Guides (248,357)
Canada (121,502)
Economics (329)
ECO1102 (91)
All (16)
Final

econ final definitions .docx

9 Pages
150 Views
Unlock Document

Department
Economics
Course
ECO1102
Professor
All Professors
Semester
Fall

Description
Econ Final Definitions Chapter 5 MicroeconomicsThe study of how individuals and firms make decisions and interact within the marketMacroeconomicsThe economy wide phenomena including inflation economic growth and unemploymentStudies the economy as a wholeGoal is to explain the economic changes that affect many households firms and markets simultaneouslyGross Domestic ProductIs the market value of all final goods and services produced within a country in a given period of timeConsumptionSpending by households on goods and servicesgoods include household spending on durable goods such as cars and appliances and nondurable goods such as food and clothingservices include intangible items such as haircutshousehold spending on post secondary is also counted in consumption Investmentpurchase of goods that will be used in the future to produce more goods and servicesit is the sum of purchases of capital equipment inventories and structuresinvestment in structures includes expenditures on new housing Government Purchasesinclude spending on goods and services by local territorial provincial and federal governmentsit includes salaries of government workers and spending on public works Net Exportsequal the purchases of domestically produced goods by foreigners exports minus the domestic purchases of foreign goods importsReal GDP the production of goods and services valued at constant pricesNominal GDP
More Less

Related notes for ECO1102

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit