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Full Macroeconomics review .docx

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Department
Economics
Course
ECO1104
Professor
A L L
Semester
Fall

Description
FullMacroeconomicsreviewwintersemester2012ECO1102D Microeconomics looks at how households and firms make decisions and how they interact in specific marketsChapter5GDP GDP is the market value of all final goods and services produced within a country in a given period of time loosely speaking it is how much a country is producing Statistics Canada releases data on national and provincial GDP every three monthsTheMeasurementofGDPFromthedefinitionofGDPGDPistheMarketValueOutputisvaluedatmarketpricesOfAllFinalItrecordsonlythevalueoffinalgoodsnotintermediategoodsthevalueiscountedonlyonceGoodsandServicesItincludesbothtangiblegoodsfoodclothingcarsandintangibleserviceshaircutsetcProducedItincludesgoodsandservicescurrentlyproducednottransactionsinvolvinggoodsproducedinthepastWithinaCountryItmeasuresthevalueofproductionwithinthegeographicconfinesofacountryInaGivenPeriodofTimeItmeasuresthevalueofproductionthattakesplacewithinaspecificintervaloftimeusuallyayearoraquarterthreemonthsTheComponentsofGDPGDPincludesallitemsproducedintheeconomyandsoldlegallyinmarketsWhatIsNotCountedinGDPGDPexcludesmostitemsthatareproducedandconsumedathomeandthatneverenterthemarketplaceforexampletakingcareofkidscleaningthehousecuttingthegrassItexcludesitemsproducedandsoldillicitlysuchasillegaldrugsGDPYisthesumofthefollowingConsumptionCInvestmentIGovernmentPurchasesGNetExportsNXYCIGNXCONSUMPTIONCThespendingbyhouseholdsongoodsandserviceswiththeexceptionofpurchasesofnewhousingINVESTMENTIThespendingoncapitalequipmentinventoriesandstructuresincludingnewhousingGOVERNMENTPURCHASESPThespendingongoodsandservicesbylocalstateandfederalgovernmentsDoesnotincludetransferpaymentsegwelfareoldagepensionbecausetheyarenotmadeinexchangeforcurrentlyproducedgoodsorservicesNETEXPORTSNXExportsminusimportsGDPMeasuresbothIncomeandExpenditureNoteGDPmeasurestwothingsatonceTotalincomeofeveryoneintheeconomyTotalexpenditureontheeconomysoutputofgoodsandservicesForaneconomyasawholeincomemustequalexpenditurebecauseEverytransactionhasabuyerandasellerEverydollarofspendingbysomebuyerisadollarofincomeforsomesellerReadthepartontheCircularFlowdiagraminthetextpages9899
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