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ECN 204 (281)
Amy Peng (21)
Chapter 4

ECN 204 Chapter 4 Notes.docx

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Ryerson University
ECN 204
Amy Peng

ECN 204 Chapter 4 Notes Assessing the health of the Economy Performance and PolicyEconomists collect and analyze economic dataReal GDP real gross domestic product measures the value of final goods and services produced within the borders of a given country during a given time period typically a year o This is very useful because it can tell us whether the economys output is growingNominal GDP totally the dollar value of all goods and services produced within the borders of a given country using the countries current prices during the year that the goods and services were producedWe can compare real GDP numbers from one year to the next and really know if there has been a change in output rather than prices o Unemployment a failure of the economy to fully employ its labor forceit is a waste because we must count as a loss all the of the goods and services that unemployed workers could have produced o Inflation is an increase in the overall level of prices The Miracle of Modern Economic GrowthModern Economic Growth the historically recent phenomenon in which nations for the first time have experienced sustained increases in real GDP per capita o The annua
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