ECO102H1 Study Guide - Final Guide: Fiscal Policy, Aggregate Supply, Aggregate Demand
2 Apr 2019
School
Department
Course
Professor
45
ECO102H1 Full Course Notes
Verified Note
45 documents
Document Summary
Topics included (separation according to class: gdp & cpi/ unemployment & inflation, economic growth/ savings & investment/ income & Expenditure: aggregate demand & supply/ fiscal policy, monetary policies / inflation&disinflation. Expansions short-term economic growth, meaning increase in output and. Contractions short term economic downturn, meaning decrease in output employment and employment. National income and accounts keep track of the flows of money between different sectors of the economy. Total value of all final goods and services produced in the economy during a year (macroeconomics, third canadian edition. Aggregate expenditure consumer spending + investment + government expenditure. Calculating gdp: value-added approach, adding up total value of all final goods and services produced, expenditure approach, spending on all domestically produced goods and services. Income approach: adding total factor income earned by households and firms. Price index = cost of the market basket in a given year cost of market basket in the base year x100.
