EC140 Midterm 2 Notes Wilfrid Laurier ECON 140 Intro To Macroeconomics EC140 Midterm 2 Notes

EC140 Midterm 2 Notes Wilfrid Laurier ECON 140 Intro To Macroeconomics EC140 Midterm 2 Notes


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Econ Midterm 2 Notes

Chapter 3.1

Definitions:

Foreign Currency - Foreign bank notes, coins and bank deposits

Foreign Exchange Market - the market in which currency of one country is traded for another country's currency

Exchange Rate - price of one country's currency exchanges with another

Nominal exchange rate - value of Canadian dollar expressed in foreign currency per Canadian Dollar (measures how much foreign currency exchanges for one Canadian dollar)

Real exchange rate - relative price of foreign produced good and service (Measures quantity of real GDP of other country per unit of Canadian real GDP)

Purchasing Power Parity - When real exchange rate is 1, when two quantity of difference currency can buy the same quantity of good and service. This means equal value of money

Canadian...

EC140 Midterm
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EC140 Midterm 2 Notes Wilfrid Laurier  ECON  140 Intro To Macroeconomics  EC140 Midterm 2 Notes

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