ECO 1102 Chapter Notes - Chapter 5: Seasonal Adjustment, Transfer Payment, Foreign Direct Investment

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: David Gray

Document Summary

Macroeconomics is the study of the economy as a whole, and studies the long-term and. Chapter summary short term effects of economy wide issues. Gdp is an important measurement of economic produ(cid:272)ti(cid:448)it(cid:455) that (cid:272)o(cid:374)tai(cid:374)s useful data fo(cid:396) assessi(cid:374)g a(cid:374) e(cid:272)o(cid:374)o(cid:373)(cid:455)"s (cid:395)ualit(cid:455) of life. Product measures the value of the production that takes place within an economy. There are two types of gpd: nominal gpd and real gdp. Real gdp is a measure of the total quantity of the goods and services a country is producing that is not affected by a change in price. Gdp calculates the measure of the total quantity of goods and services a country is producing while not keeping the prices constant. Macroeconomics is the study of the economy as a whole, as oppose to studying the individual parts of the economy. The purpose of macroeconomics is to explain the economic changes that affect many households, firms, and markets simultaneously.