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Week 1 Notes

by: Jonathan Rubin

Week 1 Notes ECN 222 - 005

Jonathan Rubin
GPA 3.61

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About this Document

State of the Maroeconomy with Key Terms
Adam Talbot Jones
Class Notes
tradeoffs, Macroeconomy, GDP, CPI
25 ?




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This 1 page Class Notes was uploaded by Jonathan Rubin on Monday September 5, 2016. The Class Notes belongs to ECN 222 - 005 at University of North Carolina - Wilmington taught by Adam Talbot Jones in Fall 2016. Since its upload, it has received 6 views. For similar materials see Macroeconomics in Economics at University of North Carolina - Wilmington.


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Date Created: 09/05/16
I. Tradeoffs a. Opportunity Cost is the loss of potential gain from other alternatives when one alternative is chosen Ex. Equality vs. Efficiency; Short Run vs. Long Run II. State of the Macroeconomy a. Unemployment Rate includes citizens working or actively searching for work. Does not include citizens not looking for work. i. 4.9% currently b. GDP is market value of all final goods and services produced in an economy in a given time period i. Real vs. Nominal 1. Real GDP adjusts for inflation, nominal does not. 2. U.S. GDP is approximately $16 trillion ii. GDP Per Capita = Real GDP / # of people 1. Per Capita Income is increasing over time iii. Aggregate Demand = C + I + G + N x C = Consumer spending I = Private investment spending G = Government spending N x Net exports c. Consumer Price Index (CPI) is the variation in prices paid by consumers for retail goods i. Printing more money has increased prices over time ii. Annual average increase of 2% Key Terms: Real Variables – measured in physical units (ex. 1 Pizza/hr) Nominal Variables – measured in monetary units (ex. 10$/hr) Efficiency - getting the most out of society’s scarce resources Equality - distributing economic prosperity equally among the members of society


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