Econ Chp 2 - Econ Chp 2 Gross Domestic Product: a measure...

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Econ Chp 2 Gross Domestic Product: a measure of the value of all the goods and services newly produced in an economy during a specified period of time Health care spending has increased faster than the rest of the U.S. economy since 1990 The price of health care has risen compared with the price of other goods and services in the economy Relative Price: the price of a particular good compared to the price of other things Economic Variable: any economic measure that can vary over a range of values Correlation means that one event is usually observed to occur along with another. Causation means that one event brings about another event. Controlled Experiments: empirical tests if theories in a controlled setting in which particular effects can be isolated Experimental Economics: a branch of economics that uses laboratory experiments to analyze economic behavior. *Economists endeavor to explain facts and observations about the economy, but it is not always easy to establish with the facts are. To establish patterns, it is sometimes necessary to carefully organize information and present it in tables or graphs. *GDP is a measure of all the goods and services produced in a country during a period of time
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This note was uploaded on 06/26/2008 for the course ECON 101 taught by Professor Gerson during the Fall '08 term at University of Michigan.

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Econ Chp 2 - Econ Chp 2 Gross Domestic Product: a measure...

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