[ECON 2000] - Midterm Exam Guide - Ultimate 26 pages long Study Guide!
5 Oct 2016
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Chapter 1 introduction to macroeconomics + great recession. Born in 1985 enter market in 2007 better prospects + stock market booming + lower unemployment. Born in 1988 enter market in 2010 lower prospect + stock prices falling + higher unemployment. Great recession the recession that started in the us in 2007 and spread around the world. Canadian economy suffered effects in 2008 2009. Microeconomics study of how households and firms make choices, how they interact in the market and how the government tries to influence their choices. Macroeconomics study of the economy as a whole (unemployment, inflation, economic growth) Short run a period of few years vs. long run a period of decade or more. Short run focuses on the business cycle alternating periods of economic expansion and economic recession: focus on production and employment, each period is never the same in length. Real gdp per capita measure standard living: = real gdp / total population.
