Econ 104 1st Edition Lecture 2 Outline of Last Lecture I Introduction to Macroeconomics Chapter 5 Outline of Current Lecture II Recessions and Inflations III Government Deficits a The Causes IV Definition of a Deficit V National Income Accounting VI GDP a Real GDP and Constant Prices b Nominal GDP and Current Prices Current Lecture Big Problems for the Economy Economists Recessions and Inflation Government Deficits Causes Wars Recession Tax Cuts Deficit The difference between government expenditure and government spending The last time America paid down their debt was in 1958 ever since then they continue to refinance their debt National Income Accounting The measure of economic activity in the country Occurred and or began in the 1930 s due to Simon Kuznets Price x Quantity Gross Domestic Product P x Q GDP Real GDP and Constant Prices An inflation adjusted measure that reflects the value of all goods and services produced in a given year expressed in base year prices These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Nominal GDP and Current Prices A gross domestic product GDP figure that has not been adjusted for inflation PLEASE NOTE The following notes are a compilation of statements that pertain to the slides found under the tab September 8 Introduction to Macroeconomics It s best to read the chapter s and to use these notes as a reference These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute
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