ECON102- Final Exam Guide - Comprehensive Notes for the exam ( 49 pages long!)

• School: University of Alberta
• Department: Economics
• Course: ECON102
• Professor: Andrew Wong

Document Summary

Econ 102 lecture 1 intro and gdp. Comparing the wealth of a na2on at one point in 2me is quite meaningless. Economy on a broad scale, focusing on economic growth, unemployment, and in a2on. Gdp is the sum of the market values of all nal goods and services produced in a country within a given period of 2me. Gdp is the most common metric of measuring the value of an economy. Inputs are things that you cannot consume/use. A tree is an input, and a table is an output. Resources or factors of produc2on are meant to be used scarcely. Only through produc2on is where income is being earned. When construc9ng a measure of an economy"s wealth there are two problems: How to add up unique goods and services into one measure of produc2vity. Not double coun2ng intermediate goods that lead to nal products.