ECMB06H3 Chapter 2 Textbook Notes

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Department
Economics for Management Studies
Course
MGEB06H3
Professor
Jack Parkinson
Semester
Summer

Description
ECMB06H3 Chapter 2 Textbook Notes Gross Domestic Product (GDP): total value of all final g & s produced w/i Canada during a particular yr or quarter (total income earned domestically) GDP measures all of the three following concepts: ● total output of g & s ● total income of all individuals ● total expenditure of all individuals Consumer Price Index (CPI): measures the level of prices Unemployment rate: tells the fraction of workers that are unemployed Unemployment rate= Unemployed/ labour force (100) National Accounting: the accounting system used to measure GDP and many related stats Investment: consists of goods bought for future use ● business fixed investment: purchase of new equipment by
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