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by: Dina Mitchell


Dina Mitchell


Robert Gordon

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About this Document

This is the first week of notes and it includes important information that will be on the test this week.
Robert Gordon
Class Notes
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This 1 page Class Notes was uploaded by Dina Mitchell on Tuesday September 9, 2014. The Class Notes belongs to a course at San Diego State University taught by a professor in Fall. Since its upload, it has received 71 views.


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Date Created: 09/09/14
Which country has the world39s largest economy as of 2013 Answer The USA 168 trillion we are then followed by China and apan How do you measure this Answer Gross Domestic Product or GDP GDP It is the market value of all new final goods and services produced inside a country during a given time period Market Value what someone is willing to pay for a good or service All economic activity revolves around production Economic Cycle Production employment income consumption If the GDP rises then so will every part of the Economic Cycle because of Aggregate Demand which relates back to spending Spending is what drives economic activity Aggregate Demand consumption investment government export Short Run analysis at least 1 thing remains constant Long Run analysis summation of all of the short run conditions Per Capita GDP helps you measure the health of an economy GDPpopulation productionpopulation It s a rough estimate of productivity and income standard of living GDPpopulation productionpopulation incomepopulation Does expenditures income Yes Does production income Yes Does production expenditures Yes International trade of goods and services include imports and exports Which country is the world39s largest exporter and importer of goods and services Answer USA Balanced Trade trading goods and services for other goods and services Trade Deficit buying more goods from other countries than are being bought from you Trade Surplus other countries buying more from us than we supply What are the US s largest trading partners Answer Canada China and Mexico


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