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## Econ 2305, end of Chapter 4 and start of Chapter 7 notes

by: Austin Copeland

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# Econ 2305, end of Chapter 4 and start of Chapter 7 notes Econ 2306

Marketplace > University of Texas at Arlington > Economcs > Econ 2306 > Econ 2305 end of Chapter 4 and start of Chapter 7 notes
Austin Copeland
UTA
GPA 4.0

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These notes cover in detail, the end of chapter 4 as discussed in class and the beginning to chapter 7.
COURSE
Macroeconomics
PROF.
Todd Gabel
TYPE
Class Notes
PAGES
2
WORDS
CONCEPTS
Macroeconomics
KARMA
Free

## Popular in Economcs

This 2 page Class Notes was uploaded by Austin Copeland on Monday February 8, 2016. The Class Notes belongs to Econ 2306 at University of Texas at Arlington taught by Todd Gabel in Spring 2016. Since its upload, it has received 16 views. For similar materials see Macroeconomics in Economcs at University of Texas at Arlington.

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Date Created: 02/08/16
Notes Mon Feb 8   Econ 2305­009 – Roger Wehr Notes: Economics Overview Highlighting Legend: Important Principal          Important Concept         Key Term  Comparative Statics (Chapter 4 Material) o Identify the original price and quantity demand o Identify the shift o Identify the new equilibrium  Price ceilings and price floors o Ceiling: A case in which the government says, “You can charge no more than…”  Sides with the buyer  Sets a maximum price  Effective price ceilings must be set below equilibrium and must result in a shortage  Example: Rent control o Floor: A case where the government says “you must charge at least”  Sides with the seller  Sets a minimum price  Effective price floors must be set above equilibrium and must result in a surplus  Example: Minimum wage  Supply and Demand o With shifts along the curve the equilibrium *price and equilibrium *Quantity changes o Different from the price of the good and the quantity demanded of the good o The new equilibrium point depends on the Magnitude of the shifts  Macroeconomics o 3 Main Variables  Output:  2 Main Measures of Output o GNP (Gross National product): o GDP (Gross Domestic Product):  Price:  PPI (Producer Price Index):  CPI (Consumer Price Index): o Considered controversial because, it overstates inflation .5 -1.5%  GDP Deflator:  Employment:  Unemployment Rate: o 3 Theories  Fair’s Model:  Phillips Curve:  Describes inflation vs. unemployment  Okun’s Law  %Change in Output = 3% - 2% x Change in unemployment  Full employment act of 1946  Increase in OPE o GDP vs. GNP  Side Notes: It typically takes money 17 months to affect the economy  GDP  The total dollar value  Of all final goods and services  Produced by anyone  So long as it is produced within US borders  In a given calendar year  Example: Honda in Ohio  GNP  The total dollar value  Of all final goods and services  Produced by US citizens and US firms  Produced anywhere in the world  In a given calendar year  Example: Ford in France  Major differences between the two are who is producing and where they are producing 

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