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ECO 108 Lecture 2 - Intro cont Tuesday 9:51 AM Contour Maps...

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Some problems involve more than two variables - Economic "contour map" called a production indifference map. - Z = input - Find out more about this.. Not understood - Contour Maps Screen clipping taken: 2/5/2008, 10:16 AM GDP - a good indicator of how the national economy is doing. Dependency on foreign trade? - Netherlands, Germany, Canada, UK, Mexico relatively greater openness. - United States 12% -- relatively "closed" economy - Open vs. Closed Economy Trend towards openness in exports and imports - Though not as open as other nations, it is rather stably going up. GDP Exported and Imported U.S., 1959-2004 Intro cont. Tuesday, February 05, 2008 9:51 AM Feb. 5 Page 1
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Though not as open as other nations, it is rather stably going up. - U.S. GDP 4.4 times larger in 2004 versus 1959 - U.S. GDP per capita is 2.7 times higher. - GDP alone not a good indicator of quality of life - Screen clipping taken: 2/5/2008, 10:23 AM Real GDP constantly growing - Growth is irregular year to year. - Periods of boom and bust There are business cycles and economic fluctuations - Unemployment up during recessions and declines during booms.
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