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L1 17 Aggregate Output, Prices, and Economic Growth > b compare the sum-of- value- added and value-of- final- output methods of calculating GDP; > Flashcards

b compare the sum-of- value- added and value-of- final- output methods of calculating GDP; Flashcards

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L1 17 Aggregate Output, Prices, and Economic Growth (15 decks)

A Calculate and explain GDP as expenditure and income, B, C

D Compare GDP, National Income, Personal Income, and Personal Disposable Income

E Explain the fundamental relationship among saving, investment, the fiscal balance, and trade balance

F Explain the IS LM curves and how they combine to gen the agg. D curve

G Explain the agg.S curve in SR, LR

I. Describe how fluctuations in aggregate demand and aggregate supply cause short-run changes in the economy and the business cycle

J. Explain how SR macroecon Equil. may occur at a level above or below full emp.

L Describe Sources, Measurement, and Sustainability of Economic growth

M Describe the production function approach to analyzing the sources of economic growth

N Distinguish between input growth of total factor productivity a components of economic growth

H Explain causes of movements along and shifts in aggregate demand and supply curves

Analyze the effect of combined changes in Agg. S and Agg. D on the econ.

b compare the sum-of- value- added and value-of- final- output methods of calculating GDP;

c compare nominal and real GDP and calculate and interpret the GDP deflator;

k analyze the effect of combined changes in aggregate supply and demand on the economy;

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