ECON 1000 Chapter Notes - Chapter 9-19: Monetary Policy, Regressive Tax, Black Market

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Steven Edwards

Document Summary

C-consumer, i-investments, g-gov"t, (x-m)- foreign net exports drawbacks to gdp-population size, non market production such as home renovations, underground economy, type of goods (guns and booze not good for people), leisure time, environmental degradation, distribution of wealth (unequal) Measuring real gdp growth rate- x 100 real gdp- total value of goods and services produced in canada in a year, adjusted for price changes. Chapter 10 the business cycle- check handouts and macro test aggregate demand- the sum of all demand for goods and sevices produced. *same formula as expenditure approach to gdp factors affecting ad- durable and non pruchases, incomes, credit availability, interest rates, house prices. Keynes" ideas- a collapse of investment spending brought consumer spending down with it;ad could be purposely increased in a recession or depression and purposely reduced when excessive demand was leading to inflation.