Textbook Notes (368,280)
Canada (161,762)
Economics (924)
ECN 204 (282)
Chapter 5

ECN204 - Chapter 5 Notes.doc

3 Pages
96 Views
Unlock Document

Department
Economics
Course
ECN 204
Professor
Christos Shiamptanis
Semester
Winter

Description
ECN204Chapter 5Micro vs MacrooMicroeconomics the study of how individual households and firms make decisions interact with one another in marketsoMacroeconomics the study of the economy as a wholeIncome and ExpendituresoGross Domestic Product GDP measures total income of everyone in the economyoGDP also measures total expenditure on the economys output of goods and servicesoFor the economy as a whole IncomeExpenditure because every dollar a buyer spends is a dollar of income for the sellerThe CircularFlow DiagramoIt is a simple depiction of the macroeconomyoIt illustrates GDP as spending revenue factor payments and incomeoPreliminariesFactors of production are inputs like labour land capital and natural resourcesFactor payments are payments to the factors of production eg wages rent etcoHouseholdsOwn the factors of production sellrent item to firms for incomeBuy and consume goods and servicesoFir
More Less

Related notes for ECN 204

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit