ECON1132 Chapter Notes - Chapter 8: Gdp Deflator, Nanny, Weighted Arithmetic Mean
3 Apr 2016
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Chapter 8: gdp: measuring total producion and income. Such measurements fall under the analysis of macroeconomics (not micro) Business cycle: alternaing periods of economic expansion and recession (ups and downs of economy) Economic growth: the ability for an economy to produce increasing quaniies of a g/s. If growth is too slow, then the country fails to raise living standards (ex: many people remain in extreme poverty in africa) Macro looks into what determines a countries rate of growth and looks for explanaions to why the rates are diferent in diferent countries. Level of employment: in the short term is heavily inluenced by the business cycle (either in recession of expansion), but long term, its impact become insigniicant. Inlaion rate: percentage change in price level from one year to the next. Like employment, it is similarly impacted by business cycle and other long term inluences.
