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PIB Reel (definition+formula)
il corrige le PIB nominal des variations de prix et correspond à une évaluation à prix constants
en anglais: inflation-corrected, so more accurate and usually lower than the nominal GDP
(PIB nominal/déflateur de PIB)x100 = PIB réel
Economie (2 key things)
utilisent ressources rares pour produire des biens
use rare resources to produce goods
1. rareté 2. efficacité
1. scarcity 2. efficiency
Exemples des FPP en inefficacité (3 things)
chomage eleve, cycle d'activite (recession, expansion)
high unemployement, recession, economic boom
bien d'equipement (english+definition)
capital goods such as buildings, equipment and machinery (used to make other goods such as consumer goods)
Three basic questions an economy must ask
how, what, and for whom do we produce for?
allocation of resources and distribution of resources
What determines the demand of a good (other than price)?
income, size of market, substitutes, complementary goods, tastes and preferences
Shift in Demand is shown when the demand curve___. in french it's
shifts. It means that the demand was affected by something other than the price!
Change in the quantity demanded is shown based on___
different points along the same demand curve. which means it was affected by the price.
Modification positive de la demande means that:
at the same price, there is more demand (b/c the change was not affected by the price, but by something else)
Methode du produit (goods) = VA =
VA = CA-Consommation Intermediares
Added Value or GDP = Gross output -Intermediate consumption (by businesses to create goods such as raw materials)
deflateur du PIB
takes into the account the change in price due to household consumption but also investments of businesses
Composantes de DG: C, I, G, X
C-consommation des menages
I- investissement des entreprises
Fonction de consommation C
tells Consumer spending(expenditure)
disposible income =income after taxes and transfer payments(benefits)
taux d'interet reel (cout de financement des achats de biens durables) ---cost of financing the purchase of durable goods
0<a<1: propension marginal à consommer
(marginal inclination to consume)
b>0: consommation incompressable ou autonome
a= Change in C/change in Y
C/Y est la propension moyenne à consommer
this is how much will be spent for each additional amt of income
Investment has a double role in the economy:
influence DG in the short term (aggregate demand)
and influence OG in the long term by moving FPP (aggregate supply)
I=f (BENR, r, CLAFF)
BENR+: benefices reels futurs anticipes des societes, avant impots
expected profit, before taxes
r-: taux d'interest reel comme indicateur du cout du capital
real interest rate like the indicator of the cost of capital
CLAFF+: climat des affaires basé sur l'evaluation et les antcipations des gestionnaires (recession, reprise durable)
3 functions of the government
1. increase efficiency or function of govt assistance/subsidies
(encourage competition, supply public goods, struggle against external effects)
2. promote equal distribution of wealth
3. promote economic stability at the short term and long term
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