ECON 105 Chapter Notes - Chapter 5: Root Mean Square
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ECON 105 Full Course Notes
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Microeconomics: the study of how individual households and rms make decisions and how they interact with one another in markets. Macroeconomics: the study of economy as a whole. Gdp measures two things at once: the total income of everyone in the economy, the total expenditure on the economy"s output of goods and services. For an economy as a whole, income must equal expenditure. Includes the market value of the housing services provided by the economy"s stock of housing. Excludes: items produced and sold illicitly, items that are produced and consumed at home: final: gdp only includes the value of nal goods, goods and services: gdp includes tangible goods, and services. Monday, september 26, 2016: produced: gdp includes goods and services currently produced - does not. Include transactions involving items produced in the past: within a country: measure the value of production within the geographic con nes of a country.