EC 13203
Boston College
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Macroeconomics Notes Chapter 2-11
- Exam (elaborations) • 3 pages • 2021
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Macroeconomics Notes Chapter 2-11
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Macroeconomics Notes Chapter 2-11
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Macroeconomics Notes Chapter 2-11
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EC 13203
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Macroeconomics Study Guide
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EC 13203
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Macroeconomics Study Guide
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MACROECONOMICS STUDY GUIDE Latest Update 2020
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Macroeconomics Notes 
GDP 
•	Definitions: 
o	1) The market value of all final goods and services produced in an economy in a given period of time. This is the TOTAL EXPENIDTURE approach to GDP. 
o	2) The sum of all incomes meaning wages, rents and profits generated in an economy in a given period of time. This is the TOTAL INCOME approach to GDP. 
o	3) The sum of the value added at each stage of production for a given economy. 
•	Y = C + I+ G + (X-M) 
o	GDP = Consumption + Investments + Gov...
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