Chapters+2++9-25-2006+

Chapters+2++9-25-2006+ - Chapter 2: The U.S. Economy Fall...

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(9/25/2006) 1 Chapter 2: The U.S. Economy Fall 2006 Fall 2006 Instructor: Dr. Soheila Crane
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(9/25/2006) 2 How to measure output of a country? Gross Domestic Product (GDP) The total monetary value of all final goods and services produced in a country during a given time period. A summary measure of a nation’s output
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(9/25/2006) 3 Why monetary value and not physical count of products?
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(9/25/2006) 4 GDP vs. Real GDP GDP could be influenced by change in prices To get an idea of the amount of production in a nation, need to take the impact of price changes out of the index Real GDP take the impact of inflation (increase in prices) out
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(9/25/2006) 5 Why Real Value?
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(9/25/2006) 6 Comparison of GDPs (in 2005)
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7 Comparing Nations’ Output Per Capita GDP A measure of how much output each person would receive if the output in a given year was divided evenly among the population. World avg GDP per capita in 2003 is
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This note was uploaded on 02/12/2010 for the course ECON 62000 taught by Professor Freed during the Spring '07 term at UC Irvine.

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Chapters+2++9-25-2006+ - Chapter 2: The U.S. Economy Fall...

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