Symbols used in ECON 3240

Symbols used in ECON 3240 - Basic symbols used in ECON 3240...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Basic symbols used in ECON 3240 (also useful for ECON 4290) Prof. Xavier de Vanssay *********************************************************************** * Y = Real National Income/Real NDP (or Real NNP) Yw = Income from wages, salaries. Yr = Income from rentals and royalties Yi = Interest Income Yπr = Income from retained business profit Yπd = Income from distributed business profit ( = dividend) y = Nominal National Income/Nominal GDP (or NNP) Yd = Disposable Income Y* = Equilibrium level of output Y FE = Level of output at full employment (FE) C = Consumption I = Net (Fixed) Investment G = Government spending X = Exports M = Imports T = Net Tax revenues (= Taxes - Transfers) S = Private (Households) Savings K = Capital stock. Kc = Depreciation of Capital Stock Ig = Gross Investment 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
δ = [pronounce ‘small delta’] Depreciation rate . 3% is a normal value. I = Ig - Kc dX = ΔX = change in X (where X is a variable) dX/dt = change in X due to change in time (where change is ‘new’ –‘old’) X = [pronounce ‘X bar’], when X (= a variable) is parametric, when x is exogenous.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/05/2011 for the course ECON 3610 taught by Professor Steve during the Fall '11 term at York University.

Page1 / 5

Symbols used in ECON 3240 - Basic symbols used in ECON 3240...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online