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Textbook Notes for ECON 102 at University of British Columbia (UBC)

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UBCECON 102Robert GatemanWinter

ECON 102 Lecture Notes - Lecture 40: Nominal Interest Rate, Lawrence Summers, Real Wages

OC18920262 Page
4 Apr 2019
0
Distorts the allocation of resources: price signal distortion hypothesis = inflation interferes with the information conveyed by p changes, market part
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UBCECON 102Robert GatemanWinter

ECON 102 Lecture Notes - Lecture 39: Phillips Curve, Inverse Relation, Disinflation

OC18920262 Page
4 Apr 2019
0
Econ 102 lecture 39 inflation con"t: phillips curve and accelerating inflation. In 1960"s, the level of wage and price inflation began to rise for any
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UBCECON 102Robert GatemanWinter

ECON 102 Lecture 38: Econ 102 Lecture 38 Inflation Con’t

OC18920262 Page
30 Mar 2019
0
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UBCECON 102Robert GatemanWinter

ECON 102 Lecture Notes - Lecture 37: Shortage, Stagflation, 1973 Oil Crisis

OC18920263 Page
28 Mar 2019
0
1: supply inflation = inflation caused by sras shifting up but not caused by excess demand for inputs in domestic market, examples of causes of inflati
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UBCECON 102Robert GatemanWinter

ECON 102 Lecture Notes - Lecture 36: G2 Phase, Money Supply, Stagflation

OC18920262 Page
26 Mar 2019
0
Econ 102 lecture 36 inflation con"t: from wages to prices i. Increase in nominal wages leads to an increase in prices: where miu = markup, thus, p = (1
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UBCECON 102Robert GatemanWinter

ECON 102 Lecture Notes - Lecture 35: 1973 Oil Crisis, National Bureau Of Economic Research, Monetarism

OC18920262 Page
23 Mar 2019
0
Econ 102 lecture 35 inflation: adding inflation to the model, what is inflation? i. Recession = 2 quarters of negative economic growth. Distort the p s
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UBCECON 102Robert GatemanWinter

Economics 102: Chapter 19

OC821246 Page
10 Jan 2013
79
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 21: Pessimism, Equilibrium Level, Shortage

OC821245 Page
21 Jan 2013
103
Desired/planned spending on output by households, firms, governments and foreigners. Actual expenditure does not need to equal desired (unforeseen circ
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 24: Output Gap, Phillips Curve, Potential Output

OC821245 Page
10 Feb 2013
61
Factor prices are assumed to be exogenous (prices may change, but not explained in the model) The real level of gdp fluctuates around the constant leve
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 22: Stabilization Policy, Open Economy, Equilibrium Level

OC821245 Page
26 Jan 2013
53
Fiscal policy: use of government"s tax and spending policies to achieve government goals: government spending and taxation influences national income i
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 20: Gross National Product, Fixed Investment, Retained Earnings

OC821246 Page
10 Jan 2013
78
Production occur in stages, output from one firm may become an input for other firms: double counting: values of products that are counted more than on
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 27: Precious Metal, Commercial Bank, Legal Tender

OC821246 Page
2 Mar 2013
54
Medium of exchange: anything that is generally acceptable in return for goods/service sold: money acts as a store of value and as a unit of account. Ba
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 23: Aggregate Demand, Aggregate Supply

OC821245 Page
30 Jan 2013
55
The ae curve shifts as a change in price level affects desired consumption expenditure and net exports. The relationship between the price level and de
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 26: Real Interest Rate, Loanable Funds, Demand Curve

OC821247 Page
2 Mar 2013
36
Gdp and per capita gdp increase over time as there is growth in productivity. Economic growth: sustained, long-run increases in the level of real gdp.
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter 24: Study Notes (Self Draw Graphs)

OC33792612 Page
16 Dec 2015
27
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 25: Business Cycle, Physical Capital, Potential Output

OC821244 Page
18 Feb 2013
47
Thiessen argued to reduce inflation the boc had to reduce the growth rate of the money supply: this would tighten up credit markets conditions and push
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 28: Economic Equilibrium, Liquidity Preference, Money Supply

OC821246 Page
4 Mar 2013
37
Bond: financial asses that promises to make one or more specified payments at specified future dates. A single payment one year hence: the higher the i
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UBCECON 102Robert GatemanWinter

ECON 102 Chapter Notes - Chapter 31: Classical Economics, Labour Market Flexibility, Longrun

OC821246 Page
27 Mar 2013
30
Rising population, increased labour force participation and net immigration has expanded the labour force. Net increase in employment: difference betwe
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