[ECON 102] - Final Exam Guide - Ultimate 60 pages long Study Guide!
64
ECON 102 Full Course Notes
Verified Note
64 documents
Document Summary
Lecture 1: chapter 19: what macro is all about. 2007, housing prices in the us fell sharply and banks who had invested heavily in mortgage- backed securities were in trouble (some of them went bankrupt), world economy went into a deep recession. 2008, g20 leaders met and discussed the possible policy intervention to prevent a repeat of the. Great depression, leaders agreed to increase government spending in infrastructure projects, reduce interest rates and bail out some of the failing financial institutions and companies. Production of output (goods and services) generates income. To measure total output in dollars, add up the values of the many different goods produced. This gives nominal national income, aka gross domestic product (gdp) When measure the dollar value of the goods produced in a given year with respect to some reference year (base period prices)= real national income.
