Econ 4.3

Wednesday, February 3, 1999

Announcements: The online quizzes are up on the webpage. They are worth a maximum of 10 points each. You need a 70% or higher to get the points and you can take it up to three times..

Lecture notes:  

Macroeconomics

Circular Flow of Income

• There are always two sides to every transaction
• Households sell resources to firms and as a result get back a product
• Withdrawals represent reductions in economic activity
• Gross Domestic Product (GDP): The total market value of all final goods and services produced within a given period by factors of production located within a country

Withdrawals and Injection