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Department
Computer Science
Course
CAS CS 101
Professor
Michael Manove
Semester
Spring

Description
EC102 01/17/2014 GDP­ Gross domestic product Characteristics of Macroeconomics Time frame matters Long run/short run Long run: Economic growth  Short Run Business Cycle Fluctuations: how the economy is doing: strong, weak, in the tank, unemployment etc.  Aggregate demand­ amount desired to buy/sell by companies Monetary policy Fiscal policy Expectations matter Greater complexity­ more complex math Highly empirical­ emphasis on data Policy driven­ do we want a result that dictates to government i.e. course of action GDP­ market value of all final goods and services produced within a country in a year Market value­ price people are willing to pay Final goods and services Cost of wheat to miller $0.50 Cost of flour to bak
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