ch 2Macroeconomics globaliation and health.docx

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University of Toronto Mississauga
Multiple Professors

Macroeconomic globalization and healthKey TermsAppreciate when a currency is rising relative to other currencies it is appreciating in value Balance of payments BOP measures currency flows between countriesConstant Dollars correspond to values that have been adjusted for inflation and so reflect the real or actual purchasing powerCurrent dollars actual dollars spent without adjustment for inflationDepreciate when a currency is falling relative to other currencies it depreciating in valueDepression sustained longterm downturn in economic activitymore severe than a recessionGross domestic product GDP an indicator used to measure the output of an economy It is the value of goods and services produced within one year in a country GDP is concerned with the output produced in a specific geographic location regardless of the nationality of who produces it ex A foreign owned companyGross National Income GNI measures the economic activities undertaken by citizens and firms of that country regardless of where it takes place GNI is GDP plus income earned by citizens abroad minus income earned in that country by foreign citizensInflation general rise in prices over time This means that money loses its value through timePurchasing power parity PPP exchange rate that equates the price of a basket of identical traded goods and services in different countriesWhat is macroeconomicssimply speaking macroeconomics looks at the performance and functioning of the economy as a wholeEconomic Growthput simply economic growth is a positive change in the level of production of goods and services by a country over a certain period of timeGDP is the main indicator that is used to measure the size or output of an economy GDP is the total value of goods and services produced within one year in a country in contrast GNI also measures output GNI is concerned with measuring the output of economic activities undertaken by citizens and firms of that country regardless of where that activity takes place ie home or abroadPer capita GNI is used internationally to classify countries into stages of developmentone problem with comparing GDP across countries is that prices vary in different countriesInflationinflation is another common marcoeconomic conceptrefers to the general rise in prices through time which results in a decrease in the value of money economists measure inflation using a price index
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