EC 13203

Boston College

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MACROECONOMICS STUDY GUIDE Latest Update 2020
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januari 2021

2020/2021

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Macroeconomics Notes GDP • Definitions: o 1) The market value of all final goods and services produced in an economy in a given period of time. This is the TOTAL EXPENIDTURE approach to GDP. o 2) The sum of all incomes meaning wages, rents and profits generated in an economy in a given period of time. This is the TOTAL INCOME approach to GDP. o 3) The sum of the value added at each stage of production for a given economy. • Y = C + I+ G + (X-M) o GDP = Consumption + Investments + Gov...
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