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Chapter 4

MHR 523 Chapter Notes - Chapter 4: Nominal Rigidity, Demand Curve, Supply Shock


Department
Human Resources
Course Code
MHR 523
Professor
Al- Karim Samnani
Chapter
4

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ECONOMICS CHAPTER NOTES
Chapter 4
Business cycle- increases and decreases in the level of economic
activity over years
Real GDP- measures value of final goods and services produced in
the borders of a country during specific time period.
To calculate Real GDP we must know Nominal GDP- value of final
goods and services produced within the border of a country using its
current prices when the goods/service was produced
Unemployment-when a person can’t find work even being willing and
able to do so.
Inflation-an increase in overall price level.
Modern Economic Growth-historically recent phenomenon in which
nations for the first time have experienced sustained increases in real
GDP per capita.
GDP per capita- the average amount of output each person in each
country could have if each country’s total output were divided equally
within its citizens. (Measure of country’s standards of living)
Purchasing Power Parity adjusts for the fact that prices In some
countries are much lower than others. The adjustment trusts that $1
of GDP per person in Canada represents about the same quantity of
goods and services as $1 of GDP per person in any other country
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