ECON 1B03 Chapter Notes - Chapter 5-6: Herbert Hoover, Mercantilism, Canadian Dollar

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ECON 1B03 Full Course Notes
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ECON 1B03 Full Course Notes
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The market value of all nal goods and services produced in the nation during a particular period, usually a year. We can use the gdp to compare different economies at the same time or track the same economy over time. A measure of something over an interval of time, such as your income per week. A measure of something at a particular point in time, such as the amount of money you have with you right now. As long as the economy functions smoothly, policymakers don"t need to understand how it works. But if a problem develops - severe unemployment, high in ation, or sluggish growth - we need to know how a healthy economy works in order to do anything about it. At one time, it was thought that a nation"s economic vitality was sprung from the stock of precious metals accumulated in the public treasury (mercantilism).

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