Econ 110A Midterm 1 Outline

Econ 110A Midterm 1 Outline - Econ 110A Midterm 1 Outline...

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Econ 110A Midterm 1 Outline Identities, equilibrium conditions, behavioral equations. Unemployment : Output per worker Productivity Output/Number employed Labor force = N (employment) – U (unemployment) * Unemployment rate = unemployed/labor force U/L Participation rate : labor force/total pop of working age. Inflation rate : rate at which price level increases. Pt-Pt-1/Pt-1 Ways of measuring: 1. GDP deflator : Nominal GDP/Real GDP. Shows the rate of inflation. Price index like the CPI. Measures price of goods produced. 2. CPI : Average price of living or consumption baskets over time. Measures price of goods consumed. Difference b/w the two: CPI will grow faster if price of imported goods grow relative to ours since it measures goods consumed in the united states. GDP : value of all final goods and service produced in a given period. The first 2 are production side while the last uses income. Ways of calculating:
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This note was uploaded on 04/14/2008 for the course ECON 110A taught by Professor Staff during the Spring '08 term at UCSD.

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Econ 110A Midterm 1 Outline - Econ 110A Midterm 1 Outline...

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