Lecture Notes for ECO 105.00 - Principles of Economics with Carlson at Illinois State (ILSTU)

Notes Information

Material Type:Study Guide
Class:ECO 105.00 - Principles of Economics
University:Illinois State University
Term:Spring 2008
  • Necessary Information
  • The Economy
  • Efficiency Wage Theory
  • Resource Markets
  • Distinction
  • National Savings
  • Such Factors
  • Unemployment
  • Involuntary
  • Gross Domestic Product Gdp
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ECO 105 Study Guide for Exam #3 Chapter 10 1. Discuss the circular flow model and, in particular, how the model demonstrates the equality of income and expenditures at the aggregate level. 2. Define Gross Domestic Product (GDP) and be able to distinguish among items that are included in the calculation of GDP and those that are not. 3. What is the difference between final goods and intermediate goods? Why is this distinction important in the calculation of GDP? 4. List and discuss the various components of Gross Investment (I). 5. List and define the major components of GDP. Given the necessary information, be able to calculate GDP and NDP. 6. Explain the difference between real and nominal GDP. Given a choice between nominal GDP, Real GDP and Real GDP per capita (per person), which is considered the best measure of the standard of living in an economy? Why? 7. Explain what a price index, such as the GDP Deflator or the Consumer Price Index, is and what it is used for. Also, be able ...

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