BIOL 2160 Chapter : CellStructure And Physiology13
Document Summary
The main determinants in the long run are productivity: short run: business cycle, talking about month-to-month, quarter-to-quarter, or year-to-year. When the economy is in expansion productivity rates move up. When the economy is in recession productivity growth goes down. Policy goal: full employment: the idea of stable economic growth, does not mean a rate of 0 unemployment because that is unachievable and not desirable, definition, 0 cyclical unemployment, or there is only frictional and structural unemployment. Cannot compare over time because they have different real values: real value is how much the quantity of money is worth. What counts and what does not: not counted intermediate goods (what goes into making the final good, counted final good (what the final product is that will be used) Stock and flow variables: stock variables are independent of time. In other words, if we freeze time, then we can still count the variables: flow variables are functions of time.
