ECON202 - Lecture 4

ECON202 - Lecture 4 - ECON202 Class Notes April 10, 2008...

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ECON202 Class Notes April 10, 2008 Lecture 4 TA: Jay Office hours: 12-2 Tuesday; Ballard 330 1) Consumer confidence a) Inflation is up b) Income is down c) If consumers think there will be a recession, there will be 2) Incomes on average have declined by 2.5% for the bottom 20% 3) Incomes on average have risen by 1.3% for the middle class a) The numbers have already accounted for inflation 4) Real GDP – after inflation is subtracted 5) Gas prices a) China and India increase demand 6) Cartel CHAPTER 4 7) GDP a) Gross domestic product i) Total production of goods and services in a country 8) Oregon economy a) Timber i) Legislation cut b) Tech i) Dot com bubble c) Tourism i) Luxury good 9) Inflation expectations heavily influence actual inflation a) Want a higher wage costing firms more, driving costs and prices up 10) Macroeconomic goals Page 1 of 5
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ECON202 Class Notes April 10, 2008 Lecture 4 a) Economic growth i) Increase in production of goods and services real GDP ii) Real GDP – Total quantity of goods and services produced in a country over a
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ECON202 - Lecture 4 - ECON202 Class Notes April 10, 2008...

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