CN 1-10-11 - o o Aggregates

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1/10/11 Macroecomics Introduction Macroeconomics- study of economic “aggregates” o Studying a system made up of tons and tons of people buying things o There has been a big push about behavior of economy being cumulative of everyone’s behavior in the economy Aggregates Most important based on how much time is spent thinking about it: o <nominal>Gross Domestic Product (GDP)- The total value of all  final  goods and services produced in a particular  place over a particular period of time  by measuring the market prices (?) Problem= double counting Important word is  final - it means the product that you actually use “If I produce something and I haven’t sold it yet we pretend I sold it to myself at whatever market value is” Overtime ideally it should go up Does not tell you much
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