Textbook Notes (369,133)
Canada (162,403)
Economics (818)
ECON 2410 (18)
Chapter 2

Chapter 2- A Tour of the Book.pdf

2 Pages
163 Views

Department
Economics
Course Code
ECON 2410
Professor
Laurent Cellarier

This preview shows 80% of the first page. Sign up to view the full 2 pages of the document.
Description
Chapter 2- A Tour of the Book December 7, 2013 2:37 PM Definitions/Equations National Income and Product Accounts (NIPA) - the system of accounts used to describe the evolution of the sum, the composition, and the distribution of aggregate output Aggregate Output- the total amount of output produced in an economy Gross Domestic Product (GDP) - a measure of aggregate output in the national income accounts (the market value of the goods and services produced by labour and property a country) Intermediate Good- a good used in the production of a final good Value Added- the value a firm adds in the production process, equal to the value of its production minus the value of the intermediate inputs it uses in production Nominal GDP- the sum of quantities of final goods produced in an economy times their current price Real GDP- a measure of aggregate output. The sum of quantities produced in an economy times their price in a base year GDP Growth- the growth rate of Real GDP year over year Expansion- a period of positive GDP growth Recession- a period of negative GDP growth. Usually refers to two consecutive quarters of negative GDP growth Employment- the number of people who have a job Unemployment- the number of people who don't have a job but are looking fo
More Less
Unlock Document

Only 80% of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

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