ECON 13 Lecture Notes - Lecture 4: Gross Domestic Product, Business Cycle, Intermediate Good
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Microeconomics - the study of how households and firms: How the government attempts to influence choices. Macroeconomics - the study of the economy as a whole; included topics of: Business cycle - alternating periods of expansion and recession. Expansion - the period of a business cycle during which total production and total employment are increasing. Recession - the period of a business cycle during which total production and total employment are decreasing. Economic growth - the ability of an economy to produce increasing quantities of goods and services. Inflation rate - the percentage increase in the price level from one year to the next. Measuring the size of the economy: gross domestic product. Measure of the market value of the output (all final goods and services) of all goods and services produced within the country during an indicated time period. Final good or service - good or service purchased by a final user.
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