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Chapter 10 notes

by: Evelin Notetaker

Chapter 10 notes Econ 2305- Microeconomic Principles

Evelin Notetaker
GPA 2.5
Econ 2305
William Alexander

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About this Document

These notes are over chapter 10 mostly focused on GDP.
Econ 2305
William Alexander
Class Notes
Macroeconomics, GDP
25 ?




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This 2 page Class Notes was uploaded by Evelin Notetaker on Friday September 25, 2015. The Class Notes belongs to Econ 2305- Microeconomic Principles at University of Houston taught by William Alexander in Summer 2015. Since its upload, it has received 63 views. For similar materials see Econ 2305 in Economcs at University of Houston.


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Date Created: 09/25/15
Econ 2305 Macroeconomics Week 5 Chapter 10 Measuring Nation s Income GDP in ation and unemployment Relationship among these key variables GDP is the economic pie I Measures the total market value of goods and services total expenditure I Measures total income of everybody I Income must equal expenditures I Excludes goods and services that are sold illicitly I Only production in nation I Components of GDP investments consumption government purchases and net exports GDP de ator I Re ects only prices does not account for in ation Nominal GDP Real GDPX 100 I base year always equals 100 In ation high price level I Ex Argentina s banks started producing large amount of money so the value started dropping and the country started suffering of high in ation rates Fiscal policy try to correct errors of in ation and unemployment Macroeconomic Goals Sustainable goals I Avoid boom and bust cycles Low in ation stable prices about 2 percent Full employment it is impossible to have 100 percent employment I Good low rate is 5 or 55 percent Business cycle SR uctuation g k SIOQ b 3 961k A a 1 g M Trash Tl ME


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