Class Notes - 9-26-07 - Macroeconomics – Class Notes –...

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Macroeconomics – Class Notes – 9/26/07 Factors NOT in GDP: Underground Market Illegal activities Leisure Activities outside marketplace Volunteer work Pressure/stress Quality environment Negative externality When a third party is adversely affected by the production of a good or service Personal Freedom Spiritual Well-being CHAPTER 10 WORKSHEET IS DUE FRIDAY CHAPTER 11 OUTLINE CPI (Consumer Price Index) and how computed Calculating Inflation rate Problems with CPI Comparing Salaries over different times Real versus Nominal Interest Rates. Measuring the Cost of Living BLS (Bureau of Labor Statistics) identifies “market basket” that typical consumer buys BLS surveys consumers to find and price what they buy. Standard of living = (Real GDP / Population) Which Has Greatest Weight in CPI Housing
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Measuring the Cost of Living The Consumer Price Index (CPI) monitors changes in market basket over time
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This note was uploaded on 04/15/2008 for the course HIST-MASH AP Europea taught by Professor Achenbach during the Fall '06 term at Allegheny.

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Class Notes - 9-26-07 - Macroeconomics – Class Notes –...

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