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Chapter 5

ECO1102 - Chapter 5 Notes

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Department
Economics
Course
ECO1102
Professor
All Professors
Semester
Fall

Description
CHAPTER 5Measuring A Nations IncomeCHAPTER 5Major elements of chapter 5Major elements of chapter 5Circular flow model gives basic structure of macroeconomyMajor components of national incomeInjections and LeakagesThis distinction not made explicitly in the text National accountingNominal versus real quantitiesInterpretation of real GDPCircular flow modelCircular flow modelGives the structure or the skeleton of the macroeconomyThe textbook gives a simple version which is fine with me Some definitionsA flow quantity is an amount per unit of time like a current of water passing throughA stock is an amount observed at a point in time like the volume of water in a tankThink of a snapshotno time frameValue of stock at time tvalue of stock at time t1value of inflowvalue of outflowLeakages and injections are bothflow quantities
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