ECON 102- Final Exam Guide - Comprehensive Notes for the exam ( 32 pages long!)
21
ECON 102 Full Course Notes
Verified Note
21 documents
Document Summary
In a given period of time: gdp measures the value of production that takes place within a specific interval of time, measures a country"s flow of income and flow of expenditure during that interval. Seasonal adjustment: when gov"t reports quarterly gdp, it presents the data after they have been. Real gdp is a measure of the economy"s production of goods and services. Better gauge of economic well0being than nominal gdp: the gdp deflator: a measure of the price level calculated as the ratio of nominal gdp to real gdp x100. (cid:883)(cid:882)(cid:882: reflects only the prices of goods and services, reflects what is happening to prices, not quantities, =(cid:3041)(cid:3042)(cid:3040)(cid:3041)(cid:3039) (cid:3032)(cid:3039) (cid:1866)(cid:1858)(cid:1867)(cid:1866) (cid:1857) (cid:1866) (cid:1857) (cid:884)= (cid:3031)(cid:3032)(cid:3033)(cid:3039)(cid:3042) (cid:3041) (cid:3032) (cid:2870) (cid:3031)(cid:3032)(cid:3033)(cid:3039)(cid:3042) (cid:3041) (cid:3032) (cid:2869) (cid:3031)(cid:3032)(cid:3033)(cid:3039)(cid:3042) (cid:3041) (cid:3032) (cid:2869) Inflation: a situation in which the economy"s overall price is rising. 10-5 is gdp a good measure of economic well-being. Inflation rate is the percent change in the price level from the previous period.
