ECON 2010 Study Guide - Quiz Guide: Baby Boomers, Marginal Product, Fisher Hypothesis

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Chapter 4: gdp: the market value of the final goods and services produced in a country during a given period, only final goods and services are included, not intermediate goods, components of gdp, consumption expenditures entertainment. : spending by households, food, clothing, and: investment inventory. : businesses buying new capital goods, building new homes, and: government purchases teachers, not transfer payments. Chapter 5: cpi: a measure of the cost in that period a standard basket of goods/services relative to the same basket in a fixed (base) year. Cpi= cost of base year basket current year. Inflation is an increase in the overall price level, a change in specific prices is a change in relative price: real wage: measured in terms of purchasing power. Indexing: the practice of increasing a nominal quantity each period by an amount equal to the percentage increase in a specified price index: it prevents the purchasing power of the nominal quantity from being eroded by inflation.

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