ECON 1010- Final Exam Guide - Comprehensive Notes for the exam ( 29 pages long!)

• School: York University
• Department: Economics
• Course: ECON 1010
• Professor: Gordana Colby

Document Summary

Tuesday, january 9, 2018 lecture one (lecture one - chapter 20: gdp) Info: course id: yorkecon22818, remember: same concepts to be applied on a bigger scale -- governments and economies as a whole, we"ll be discussing: ex. Don"t go crazy: re-read over & practice chained dollar formula. Limits of gdp as a unit of measurement. Tuesday, january 9, 2018 lecture one: households sell services of labour, capital, & land in factor markets. Land = rent: capital = interest, entrepreneurship = profit. Labour = wages: aggregate expenditure is made up of these payouts/factor income. A car -- they don"t count tires the car company buys. An american company producing goods in canada counts under gdp: gdp only counts produces which are produced domestically, gdp and circular flow of income or expenditure, gdp = market value of production, gross investment = c + i.