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TULANE / Economics / ECON 3020 / What is meant by human development complex?

What is meant by human development complex?

What is meant by human development complex?

Description

School: Tulane University
Department: Economics
Course: Intermediate Macroeconomics
Professor: Antonio bojanic
Term: Fall 2015
Tags: Economics, Econ, Macroeconomics, Getting Started, Starting point, and First Day notes
Cost: Free
Name: Intermediate Macroeconomics (ECON 3020), Week 1 Notes
Description: Notes from Week 1, including first day comments from professor.
Uploaded: 10/04/2016
5 Pages 208 Views 2 Unlocks
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HDI: Human Development IndexWe also discuss several other topics like umass math

→ be able to determine whether a given product is part of GDP or not

National Income Accounting

→ GDP (gross domestic product)

  • Production approach
  • Expenditure approach
  • Income approach

If you want to learn more check out kedzie hall msu

Production application                Income application        Expenditure application

  • Market value
  • Final goods and services
  • Newly produced
  • Fixed period of time
  • Non - market goods / services
  • Underground economy

Don't forget about the age old question of what are costs that make customers reluctant to switch to another product or service?

Imputed values

  • The price of a comparable good that is not accounted for (i.e the rest of public services not bought by anyone)
  • The lack of impulse values can lead to underestimation of GDP

We also discuss several other topics like mkt 300 msu
Don't forget about the age old question of When does an international trade occur?

Capital goods - only accounted for when newly produced (because they do not get used)

Inventory investment - change in value of inventory (unsold products)

*GDP is a flow, it is not static

We also discuss several other topics like What numbers are used by computers or processors?

Y = C + I + G + NX

        Where NX = X - M

  • Personal consumption (c)         billion of $                % of GDP

Real GDP

  • The most important indicator of economic activity
  • GDP per person → GDP per capita

  • Economic growth and business cycle appoint in graph

Unemployment rule

  • Will never be 0%
  • Varies greatly as well

Inflation rate

  • A measure of changes in the price level
  • Constant inflation causes decreases in purchasing power
  • Hyperinflation

Policy issues

  • Global trade imbalances X -M
  • Budget deficits I - C
  • Financial crisis
  • National saving rate

Intermediate Macroeconomics

  • Textbook is a complement, not a substitute for good class notes
  • 5 homework assignments
  • Final Exam is cumulative

  • Economics models are a necessity
  • 5 steps to create an economic model
  1. Come up with an interesting question
  2. Define variables (endogenous and exogenous)
  3. Establishing equations to describe relationship between variables
  4. Compare model predictions with real life
  5. Make predictions about the future

Key variables

  • Real GDP
  • Unemployment ratio
  • Inflation ratio
  • Class discussions heavy on policy
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