ECON 1012, Week 1
ECON 1012, Week 1 ECON 1012
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This 1 page Class Notes was uploaded by Jaimee Kidd on Sunday September 25, 2016. The Class Notes belongs to ECON 1012 at George Washington University taught by Roberto M. Samaniego in Fall 2016. Since its upload, it has received 4 views. For similar materials see Principles of Economics II (ECON 1012) in Economics at George Washington University.
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Date Created: 09/25/16
ECON 1012 Week 1 Microeconomics is the study of individual decisions (only added up as far a market) VS Macroeconomics is the study of economic aggregate GDP (Gross Domestic Product) • NOMINAL: The total quantity of all final goods & services produced in a place over a period of time measured @ market prices o “final”—meaning completed & ready to sell § As opposed to an “intermediate” good which are only parts of final products (not counted in GDP) • REAL: o (1) Pick a base year o (2) Compute GDP using base year prices always § this is how we adjust for inflation Economic Growth- phenomena that overtime GDP per person goes up 2 Main Themes of Course (1) Economic Growth (2) Business Cycle: fluxuations in economic activity Equation for GDP Deflator = Nominal GDP/Real GDP X 100 Inflation Rate = Current Price Level – Past Price Level / Past Price Level X 100 Consumer Price Index (CPI)- different measure of prices • “basket of goods” consumed by the average household CPI = Cost of basket of goods / cost of basket in base year X 100
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