Tentamen (uitwerkingen)
ECON 203 - Lecture notes 4,5,6,7 Introduction to Macroeconomics (Concordia University)
- Vak
- Instelling
ECON 203 - Lecture notes 4,5,6,7 Introduction to Macroeconomics (Concordia University)
[Meer zien]Voorbeeld 3 van de 22 pagina's
Voorbeeld 3 van de 22 pagina's
In winkelwagen
In winkelwagen
Verkoper
Volgen
smartzone
Ontvangen beoordelingen
Voorbeeld van de inhoud
lOMoARcPSD|63 53920ECON 203 - Lecture notes 4,5,6,7
Introduction to Macroeconomics
(Concordia University)
, lOMoAR cPSD| 6353920
CHAPTER 4
● Try to capture the complex linkages and feedback effect that determine
o The economy’s total output of goods and services
o Expenditures on current output
o Employment & incomes
o Money and financial markets
o Prices and inflation
o Macroeconomic performance
o Monetary and fiscal policies
● Macroeconomic performance: three key indicators of performance
o The rate of growth of real national income
→ (GDP) measured in constant base year prices : quantity of final goods and
services produced by the economy in a specified time period.
Ex. First of the year, 300 billion at the end its 400 billion, we must have constant
base prices.
→ RATE: RealGDPyear2 - RealGDPyear1 / RealGDPyear1 (x100)
Rate of economic growth is the annual percentage change in real GDP
→ Economic growth is defined by an increase in real GDP
o The rate of inflation
→ Inflation is defined as a persistent increase in the general price level.
▪ Price level: Weighted average price of a basket of goods and services
▪ Consumer Price index (CPI) : a measure of the cost of living in any one
year compared to the cost of living in a base year.
→ RATE: annual % change in the price level
= CPI(y2)-CPI(Y1) / CPI(y1)
→ With a very good management fiscal policies, we have a target of 2% more or so.
It does not vary massively.
o The rate of unemployment
→ Employment: number of adults employed full time and part time and self
employed. (15 years old and older)
■ RATE: employment / population (x100)
→ Unemployment: number of adults (15 years old and older) and not working but
actively seeking work.
■ labour force – employment
■ RATE: unemployment / labour force (x100)
■ Unemployment rates vary inversely to GDP growth rates.
■ Recessions cause high unemployment rates.
→ Labour force: Adults employed plus those not employed but actively looking for
work.
→ Participation rate: labour force / population (x100)
4.3 NATIONAL ACCOUNTS
, lOMoAR cPSD| 6353920
● National Accounts: national accounts provide
o Definitions and concepts for measuring GDP
o it involves all households, businesses, and governments that make decisions about
employment, output and expenditures.
o The circular flow diagram : shows the flows of money payments, real resources, and
goods and services between households and businesses.
money payments $$
money receipts $$
money incomes $ $
production costs $ $
4.4 MEASURING GDP
● Measuring GDP: Three measures of nominal GDP
o Nominal GDP is measured using market prices and a specific time period. It is the market
value at current prices of all final goods and services.
o Output-based GDP = sum of value added by all industries.
o Income-based GDP = sum of payments to factors production
o Expenditure-based GDP = sum of expenditures on finals goods and services.
● Output based GDP:
o The sum of all net outputs by industries as measured by value added.
o Value added is the difference between the market value of the output of the business
and the cost of inputs purchases from other businesses.
o Intermediate inputs are inputs purchased from other businesses.
o Net outputs by industry describe the industrial structure of the economy.
2
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
√ Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, Bancontact of creditcard voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper smartzone. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor $12.49. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 75632 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen
Laatst bekeken door jou
