[ECON102] - Final Exam Guide - Everything you need to know! (154 pages long)
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ECON102 Full Course Notes
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The study of how individual households and firms make decisions, interact with one another in markets. The study of the economy as a whole. We begin our study of macroeconomics with the country"s total income and expenditure. Gross domestic product (gdp) measures total income of everyone in the economy. Gdp also measures total expenditure on the economy"s output of g&s. For the economy as a whole, income equals expenditure because every dollar a buyer spends is a dollar of income for the seller. Illustrates gdp as spending, revenue, factor payments, and income. Factors of production are inputs like labour, land, capital, and natural resources. Factor payments are payments to the factors of productions (e. g. , wages, rent). Own the factors of production, sell/rent them to firms for income. Buy/hire factors of production, use them to produce goods and services. Matches savers" supply of funds with borrowers" demand for loans. Trades g&s, financial assets, and currencies with the country"s residents.
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