Econ Exam #3 - Review

Econ Exam #3 - Review - Economics 105 3rd Exam Review...

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Economics 105 3 rd Exam Review Chapter 6 – Measuring Domestic Output and National income - Gross Domestic Product (GPD) – The total market value of all final goods and services produced annually within the boundaries of the US, whether by US or foreign supplied resources. - GDP = C + I g + G + X n C = consumer purchases of goods and services I g = gross investment spending by businesses G = government purchases X n = net exports o Consumption – o Investment – spending for the production and accumulation of capital and additions to inventories. o Government Spending – expenditures by government for goods and services that government consumes in providing public goods and for public (or social) capital that has a long lifetime. o Net Exports – exports - imports Chapter 7 – Introduction to Economic Growth and Instability - Business cycle – recurring increases or decreases in the level of economic activity over periods of years; consists of peak, recession, trough, and expansion phases
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This note was uploaded on 04/02/2008 for the course ECON 105 taught by Professor Binder,m. during the Spring '08 term at New Mexico.

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Econ Exam #3 - Review - Economics 105 3rd Exam Review...

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