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Chapter 5

My Notes measuring a nations income- Chapter 5.docx

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ECON 1010
Xueda Song

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Warren Gonsalves 1/16/14 Chapter 5 – Measuring a Nations Income – My Notes Microeconomics • Study of how individual households and firms make decisions and how they interact with another in markets Macroeconomics • Study of the economy as a whole GDP • Measures total income of a nation 1) Total income of everyone in the economy 2) Total expenditure on the economy’s output of goods and services *For an economy as a whole, income must equal expenditure GDP -> market value of all final goods and services produced within a country in a given period of time Y = C (consumption) + I (investment) + G (government purchases) + NX (net exports) Consumption • Spending by households on goods and services Investment • Purchase of goods
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