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Econ202 midterm study note

Econ202 midterm study note - Gross domestic product or GDP...

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- Gross domestic product, or GDP, tells us the nation’s total income and the total expenditure on its output of goods and services. - The consumer Price index, or CPI, measures the level of prices. - The Unemployment rate tells us that fraction of workers who are unemployed (standard of living) - Administrative data are byproducts of government function such as tax collection, education programs, and regulation - Statistical data come from government survey of, for example, retail establishments, manufacturing firms, and farm activity - GDP simultaneously measures all three of the following concepts: The total output of goods and services, the total income of all individuals, and the total expenditure of all individuals - National accounting, the accounting system used to measure GDP and many related statistics - The circular flow, illustrates the flows between firms and households in an economy that one good from one input of labour.
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