Macroeconomics is the study of the economy as a whole, including issues like growth, inflation, and unemployment. Economists use models to help explain and address these issues. Models make simplifying assumptions, like treating some variables as flexible or sticky. No single model can address all questions, so macroeconomics uses different models for different time periods and issues.
This document provides an overview and outline of macroeconomics topics covered in a textbook. It discusses the key issues macroeconomists study like recessions, inflation, and unemployment. It introduces economic models as simplified representations of reality used to study relationships between variables and devise policies. The document outlines different models used to examine short-run issues when prices are sticky versus long-run issues when prices are flexible. It concludes with a summary of macroeconomics as the study of the overall economy and growth.
This document provides an acknowledgements section for the author Mannig J. Simidian and an introduction to the topics that will be covered in the macroeconomics textbook and course. It thanks various individuals who influenced the author and provided guidance. It also outlines some of the key macroeconomic concepts that will be discussed, including real GDP, inflation, unemployment, models, endogenous and exogenous variables, market clearing, and the relationship between microeconomics and macroeconomics.
This chapter introduces macroeconomics and the key issues it addresses such as economic growth, unemployment, inflation, and recessions. It discusses the tools macroeconomists use like economic models to study these issues and simplify complex realities. Models can have flexible or sticky prices to examine long-run or short-run economic behavior. The chapter provides an overview of the topics that will be covered in the book.
This chapter introduces macroeconomics and the issues studied in the field. It discusses important macroeconomic concepts like GDP, unemployment, inflation, and recessions. The chapter explains that economists use different models to study different macroeconomic questions in both the short-run when prices are sticky and long-run when prices are flexible. It provides an example model of supply and demand for cars and how the model can be used to analyze the effects of changes in income and costs.
This document provides an overview of key macroeconomic concepts including Gross Domestic Product (GDP) and the business cycle. It defines GDP as the total value of final goods and services produced within a country in a given year, which can be measured using either the expenditure approach or the income approach. It also explains how to use price indices to adjust nominal GDP values for inflation and obtain real GDP in order to make accurate comparisons over time. Finally, it outlines the four phases of the typical business cycle: peak, trough, recession, and expansion.
AS Economics Revision - Microeconomics (F581)Tom Simms
Revision for key topics for the OCR A Level/AS Level Economics module F581. May also be useful for other exam boards (WJEC/AQA). Covers basic issues relating to microeconomics.
Macroeconomics is the study of the economy as a whole, including factors such as national income, output, employment, inflation, and trade balances. It focuses on aggregate supply and demand and macroeconomic policies. Microeconomics examines individual decision-making and market interactions, while macroeconomics analyzes economy-wide phenomena. Models are used in macroeconomics to simplify complex realities, make testable predictions, and inform policies to improve performance regarding goals like growth, employment, and stability.
Aggregate demand is the total demand for final goods and services in an economy at a given time and price level. It is the sum of consumption, investment, government spending, and net exports. The aggregate demand curve slopes downward, showing that as price levels increase, aggregate output decreases. Aggregate supply is the total supply of goods and services in an economy. In the short run, the aggregate supply curve slopes upward as firms are slow to adjust prices and wages. In the long run, as costs fully adjust, the aggregate supply curve becomes vertical at the natural level of output. Keynesian economics emphasizes that economies may fail to reach full employment without government intervention, due to sticky wages and prices and a tendency for increased savings to reduce
This document provides an overview and outline of macroeconomics topics covered in a textbook. It discusses the key issues macroeconomists study like recessions, inflation, and unemployment. It introduces economic models as simplified representations of reality used to study relationships between variables and devise policies. The document outlines different models used to examine short-run issues when prices are sticky versus long-run issues when prices are flexible. It concludes with a summary of macroeconomics as the study of the overall economy and growth.
This document provides an acknowledgements section for the author Mannig J. Simidian and an introduction to the topics that will be covered in the macroeconomics textbook and course. It thanks various individuals who influenced the author and provided guidance. It also outlines some of the key macroeconomic concepts that will be discussed, including real GDP, inflation, unemployment, models, endogenous and exogenous variables, market clearing, and the relationship between microeconomics and macroeconomics.
This chapter introduces macroeconomics and the key issues it addresses such as economic growth, unemployment, inflation, and recessions. It discusses the tools macroeconomists use like economic models to study these issues and simplify complex realities. Models can have flexible or sticky prices to examine long-run or short-run economic behavior. The chapter provides an overview of the topics that will be covered in the book.
This chapter introduces macroeconomics and the issues studied in the field. It discusses important macroeconomic concepts like GDP, unemployment, inflation, and recessions. The chapter explains that economists use different models to study different macroeconomic questions in both the short-run when prices are sticky and long-run when prices are flexible. It provides an example model of supply and demand for cars and how the model can be used to analyze the effects of changes in income and costs.
This document provides an overview of key macroeconomic concepts including Gross Domestic Product (GDP) and the business cycle. It defines GDP as the total value of final goods and services produced within a country in a given year, which can be measured using either the expenditure approach or the income approach. It also explains how to use price indices to adjust nominal GDP values for inflation and obtain real GDP in order to make accurate comparisons over time. Finally, it outlines the four phases of the typical business cycle: peak, trough, recession, and expansion.
AS Economics Revision - Microeconomics (F581)Tom Simms
Revision for key topics for the OCR A Level/AS Level Economics module F581. May also be useful for other exam boards (WJEC/AQA). Covers basic issues relating to microeconomics.
Macroeconomics is the study of the economy as a whole, including factors such as national income, output, employment, inflation, and trade balances. It focuses on aggregate supply and demand and macroeconomic policies. Microeconomics examines individual decision-making and market interactions, while macroeconomics analyzes economy-wide phenomena. Models are used in macroeconomics to simplify complex realities, make testable predictions, and inform policies to improve performance regarding goals like growth, employment, and stability.
Aggregate demand is the total demand for final goods and services in an economy at a given time and price level. It is the sum of consumption, investment, government spending, and net exports. The aggregate demand curve slopes downward, showing that as price levels increase, aggregate output decreases. Aggregate supply is the total supply of goods and services in an economy. In the short run, the aggregate supply curve slopes upward as firms are slow to adjust prices and wages. In the long run, as costs fully adjust, the aggregate supply curve becomes vertical at the natural level of output. Keynesian economics emphasizes that economies may fail to reach full employment without government intervention, due to sticky wages and prices and a tendency for increased savings to reduce
This document discusses macroeconomics and macroeconomic policy debates from classical and Keynesian perspectives. It covers unemployment, price stability, and exchange rates. On unemployment, classical economists believe full employment is always achieved through flexible wages, while Keynesians believe unemployment is normal and government intervention is needed. On price stability, classical economists see prices adjusting to maintain full employment while Keynesians see stable prices with variable output. Exchange rates are influenced by demand and supply factors in both frameworks.
This document provides an introduction to macroeconomics. It defines macroeconomics as dealing with the aggregate behavior and choices of the entire economy, such as national income and inflation, rather than individual behavior. It contrasts macroeconomics with microeconomics and lists the main macroeconomic goals as full employment, price stability, economic growth, and an equitable distribution of income. It also introduces the key macroeconomic concepts of aggregate demand and aggregate supply.
This document provides an overview and definitions of key macroeconomic variables including GDP, inflation, and unemployment. It discusses how GDP is calculated and can be interpreted as total output, income, or spending in an economy. Real GDP is used to measure changes in economic activity by removing the impact of inflation. The Consumer Price Index is used to calculate inflation rates by measuring the change in prices of goods and services purchased by a typical family. Unemployment rates measure the percentage of the civilian labor force that is unable to find work.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of the economy as a whole, including measures of total output, unemployment, inflation, and exchange rates in both the short and long run. It outlines the key concerns of macroeconomics as output growth, unemployment, and inflation/deflation. It also describes the components of the macroeconomy, including households, firms, government, and the rest of the world, and how they interact through goods and services, labor, and money markets according to the circular flow model. Fiscal and monetary policy are introduced as the tools used by government to influence the macroeconomy.
This document discusses macroeconomic concepts including inflation, aggregate demand, aggregate supply, and monetary policy tools. It provides examples of different types of inflation and how they impact the economy. The effects of various economic events on mainland China's economy are analyzed using aggregate demand and supply diagrams. The importance of economic growth and managing uncertainty in budgeting is covered. Monetary policy tools like contractionary monetary policy are explained in the context of reducing demand-pull inflation.
This document provides an overview of key concepts in macroeconomics, including:
1) Macroeconomics deals with the performance and decision-making of the entire economy, including factors like GDP, unemployment, and inflation.
2) The document outlines different macroeconomic schools of thought including Keynesian, neoclassical, monetarist traditions.
3) It also summarizes tools and models used in macroeconomics like fiscal/monetary policy, aggregate supply/demand, and circular flow analysis.
This document provides an introduction to microeconomics. It defines economics as the study of how societies work to transform scarce resources into goods and services to satisfy unlimited human wants. It discusses how economics deals not just with resource allocation but also increasing productive capacity and factors that lead to fluctuations in resource utilization. The document then examines different definitions of economics, including as a science of wealth, material well-being, choice-making, and dynamic growth. It analyzes the merits and criticisms of defining economics as the science of wealth or material well-being.
This document provides an overview of a presentation on macroeconomics. It includes:
1. The names and roll numbers of the group members giving the presentation.
2. The topics to be discussed, including an introduction to macroeconomics, its objectives and basics, its development over time, applications, future, and limitations.
3. An introduction defining microeconomics as focused on individual actors, and macroeconomics as dealing with whole economy performance, structure, and behavior.
This document provides an introduction to a macroeconomics module taught at the Foreign Trade University in Vietnam. It outlines the module context, aims, objectives, learning outcomes, teaching methods, and assessment. The module is designed to provide undergraduate students with an understanding of important macroeconomic factors and variables. It will analyze how macroeconomic variables interact in the economy and how economic theories can be used to understand real-world events. Students will learn about macroeconomic policies and different cases of using policies to develop economies. The module will be taught through lectures, discussions, and student assignments and presentations. Students will be assessed based on a written assignment, final exam, and class participation.
Macroeconomics deals with the economy as a whole and aggregate behavior refers to the behavior of all households and firms together. Some key macroeconomic concerns studied include inflation, output growth, and unemployment. The government uses fiscal policy, monetary policy, and supply-side policies to influence the macroeconomy. Macroeconomics analyzes components of the economy such as consumption, investment, government spending, taxes, and net exports.
The document discusses the natural rate of unemployment, which is the average rate of unemployment around which the economy fluctuates. It is affected by factors like the rates of workers losing jobs and unemployed workers finding jobs. There are two main types of unemployment: frictional unemployment due to the time it takes workers to search for jobs, and structural unemployment caused by wages being rigid above market levels due to things like minimum wages and unions. The document analyzes trends in U.S. unemployment over time and potential factors influencing the natural rate, such as demographics, sectoral shifts in the economy, and social policies.
Macroeconomics deals with the economy as a whole, examining aggregates like total income, output, employment and prices. It emerged as a separate field of study due to Keynes' analysis of the Great Depression when existing theories failed to explain high unemployment. The circular flow model illustrates how income and spending circulate between producers and consumers in an economy.
This document outlines the content and evaluation of a macroeconomics course. The course covers key macroeconomic concepts like measuring national income, aggregate demand and supply curves, economic fluctuations, unemployment, inflation, and monetary and fiscal policy tools. Students will complete assignments, projects, exams, and a case study analysis. Upon completing the course, students should understand the differences between micro and macroeconomics and the goals and instruments of macroeconomic policy.
Macroeconomics analyzes aggregate economic indicators like unemployment, growth, GDP and inflation. It studies how the overall economy behaves. Governments and businesses use macroeconomic models and analysis to inform economic policymaking and strategic planning. Three major concerns of macroeconomics discussed are inflation, output growth, and unemployment. Inflation refers to a general increase in the price level of goods and services in an economy over time.
This document provides information about macroeconomics and measuring national income. It discusses the key topics of macroeconomics including full employment, economic growth, price stability, and external balance. It also outlines the three approaches to measuring national income - the income approach, expenditure approach, and output approach. The roles of government in implementing monetary and fiscal policy to influence the national income are also covered.
This document provides an introduction to macroeconomics. It discusses key macroeconomic concepts such as stocks and flows, equilibrium and disequilibrium, and the circular flow of income in closed and open economies. It also outlines macroeconomic goals like full employment and price stability. The development of macroeconomics from classical to Keynesian and monetarist theories is summarized. Finally, it discusses important macroeconomic indicators and policy tools like fiscal and monetary policy.
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The national income and product accounts provide a framework for measuring macroeconomic aggregates like GDP, GNP, NNP, and their components. GDP is the total market value of all final goods and services produced within a country in a given period of time. It is measured using both expenditure and income approaches to avoid double counting. The national accounts help analyze the structure and performance of an economy.
27
Consumption and Investment
1-
31
4-
02
- Consumption is a key component of aggregate demand and is determined by disposable income, wealth, interest rates and consumer confidence.
- Investment is another major component of aggregate
This document provides an introduction to macroeconomics, which studies the overall performance of an economy. It discusses three major topics: factors influencing economic activity levels; the level of efficiency achieved; and government policies to achieve desired activity and efficiency levels. Macroeconomics addresses problems like unemployment, inflation, and slow growth, as well as objectives like full employment, low inflation, steady growth, and equitable income distribution. It also contrasts classical and Keynesian views on achieving full employment, and outlines fiscal, monetary, and direct policy interventions available to governments.
Intro to Macroeconomics - Book VersionMark Anthony
This document provides an overview and outline of key concepts in macroeconomics. It discusses the three main concerns of macroeconomics as output growth, unemployment, and inflation/deflation. It also describes the key components of the macroeconomy including households, firms, government, and the rest of the world. Additionally, it outlines the three market arenas of goods and services, labor, and money. The role of government fiscal and monetary policy in macroeconomics is also summarized.
This chapter introduces the Solow growth model, which examines how capital accumulation and population growth impact economic growth and living standards over the long run. The key aspects covered include:
- The Solow model framework of production, consumption, investment, and capital accumulation over time.
- How economies converge to a steady state level of capital per worker and output per worker.
- How factors like the saving rate can impact the steady state level and long-run growth.
- The "Golden Rule" concept of finding the optimal saving rate and capital stock that maximizes long-run consumption per person.
This document discusses macroeconomics and macroeconomic policy debates from classical and Keynesian perspectives. It covers unemployment, price stability, and exchange rates. On unemployment, classical economists believe full employment is always achieved through flexible wages, while Keynesians believe unemployment is normal and government intervention is needed. On price stability, classical economists see prices adjusting to maintain full employment while Keynesians see stable prices with variable output. Exchange rates are influenced by demand and supply factors in both frameworks.
This document provides an introduction to macroeconomics. It defines macroeconomics as dealing with the aggregate behavior and choices of the entire economy, such as national income and inflation, rather than individual behavior. It contrasts macroeconomics with microeconomics and lists the main macroeconomic goals as full employment, price stability, economic growth, and an equitable distribution of income. It also introduces the key macroeconomic concepts of aggregate demand and aggregate supply.
This document provides an overview and definitions of key macroeconomic variables including GDP, inflation, and unemployment. It discusses how GDP is calculated and can be interpreted as total output, income, or spending in an economy. Real GDP is used to measure changes in economic activity by removing the impact of inflation. The Consumer Price Index is used to calculate inflation rates by measuring the change in prices of goods and services purchased by a typical family. Unemployment rates measure the percentage of the civilian labor force that is unable to find work.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of the economy as a whole, including measures of total output, unemployment, inflation, and exchange rates in both the short and long run. It outlines the key concerns of macroeconomics as output growth, unemployment, and inflation/deflation. It also describes the components of the macroeconomy, including households, firms, government, and the rest of the world, and how they interact through goods and services, labor, and money markets according to the circular flow model. Fiscal and monetary policy are introduced as the tools used by government to influence the macroeconomy.
This document discusses macroeconomic concepts including inflation, aggregate demand, aggregate supply, and monetary policy tools. It provides examples of different types of inflation and how they impact the economy. The effects of various economic events on mainland China's economy are analyzed using aggregate demand and supply diagrams. The importance of economic growth and managing uncertainty in budgeting is covered. Monetary policy tools like contractionary monetary policy are explained in the context of reducing demand-pull inflation.
This document provides an overview of key concepts in macroeconomics, including:
1) Macroeconomics deals with the performance and decision-making of the entire economy, including factors like GDP, unemployment, and inflation.
2) The document outlines different macroeconomic schools of thought including Keynesian, neoclassical, monetarist traditions.
3) It also summarizes tools and models used in macroeconomics like fiscal/monetary policy, aggregate supply/demand, and circular flow analysis.
This document provides an introduction to microeconomics. It defines economics as the study of how societies work to transform scarce resources into goods and services to satisfy unlimited human wants. It discusses how economics deals not just with resource allocation but also increasing productive capacity and factors that lead to fluctuations in resource utilization. The document then examines different definitions of economics, including as a science of wealth, material well-being, choice-making, and dynamic growth. It analyzes the merits and criticisms of defining economics as the science of wealth or material well-being.
This document provides an overview of a presentation on macroeconomics. It includes:
1. The names and roll numbers of the group members giving the presentation.
2. The topics to be discussed, including an introduction to macroeconomics, its objectives and basics, its development over time, applications, future, and limitations.
3. An introduction defining microeconomics as focused on individual actors, and macroeconomics as dealing with whole economy performance, structure, and behavior.
This document provides an introduction to a macroeconomics module taught at the Foreign Trade University in Vietnam. It outlines the module context, aims, objectives, learning outcomes, teaching methods, and assessment. The module is designed to provide undergraduate students with an understanding of important macroeconomic factors and variables. It will analyze how macroeconomic variables interact in the economy and how economic theories can be used to understand real-world events. Students will learn about macroeconomic policies and different cases of using policies to develop economies. The module will be taught through lectures, discussions, and student assignments and presentations. Students will be assessed based on a written assignment, final exam, and class participation.
Macroeconomics deals with the economy as a whole and aggregate behavior refers to the behavior of all households and firms together. Some key macroeconomic concerns studied include inflation, output growth, and unemployment. The government uses fiscal policy, monetary policy, and supply-side policies to influence the macroeconomy. Macroeconomics analyzes components of the economy such as consumption, investment, government spending, taxes, and net exports.
The document discusses the natural rate of unemployment, which is the average rate of unemployment around which the economy fluctuates. It is affected by factors like the rates of workers losing jobs and unemployed workers finding jobs. There are two main types of unemployment: frictional unemployment due to the time it takes workers to search for jobs, and structural unemployment caused by wages being rigid above market levels due to things like minimum wages and unions. The document analyzes trends in U.S. unemployment over time and potential factors influencing the natural rate, such as demographics, sectoral shifts in the economy, and social policies.
Macroeconomics deals with the economy as a whole, examining aggregates like total income, output, employment and prices. It emerged as a separate field of study due to Keynes' analysis of the Great Depression when existing theories failed to explain high unemployment. The circular flow model illustrates how income and spending circulate between producers and consumers in an economy.
This document outlines the content and evaluation of a macroeconomics course. The course covers key macroeconomic concepts like measuring national income, aggregate demand and supply curves, economic fluctuations, unemployment, inflation, and monetary and fiscal policy tools. Students will complete assignments, projects, exams, and a case study analysis. Upon completing the course, students should understand the differences between micro and macroeconomics and the goals and instruments of macroeconomic policy.
Macroeconomics analyzes aggregate economic indicators like unemployment, growth, GDP and inflation. It studies how the overall economy behaves. Governments and businesses use macroeconomic models and analysis to inform economic policymaking and strategic planning. Three major concerns of macroeconomics discussed are inflation, output growth, and unemployment. Inflation refers to a general increase in the price level of goods and services in an economy over time.
This document provides information about macroeconomics and measuring national income. It discusses the key topics of macroeconomics including full employment, economic growth, price stability, and external balance. It also outlines the three approaches to measuring national income - the income approach, expenditure approach, and output approach. The roles of government in implementing monetary and fiscal policy to influence the national income are also covered.
This document provides an introduction to macroeconomics. It discusses key macroeconomic concepts such as stocks and flows, equilibrium and disequilibrium, and the circular flow of income in closed and open economies. It also outlines macroeconomic goals like full employment and price stability. The development of macroeconomics from classical to Keynesian and monetarist theories is summarized. Finally, it discusses important macroeconomic indicators and policy tools like fiscal and monetary policy.
-4
R
The national income and product accounts provide a framework for measuring macroeconomic aggregates like GDP, GNP, NNP, and their components. GDP is the total market value of all final goods and services produced within a country in a given period of time. It is measured using both expenditure and income approaches to avoid double counting. The national accounts help analyze the structure and performance of an economy.
27
Consumption and Investment
1-
31
4-
02
- Consumption is a key component of aggregate demand and is determined by disposable income, wealth, interest rates and consumer confidence.
- Investment is another major component of aggregate
This document provides an introduction to macroeconomics, which studies the overall performance of an economy. It discusses three major topics: factors influencing economic activity levels; the level of efficiency achieved; and government policies to achieve desired activity and efficiency levels. Macroeconomics addresses problems like unemployment, inflation, and slow growth, as well as objectives like full employment, low inflation, steady growth, and equitable income distribution. It also contrasts classical and Keynesian views on achieving full employment, and outlines fiscal, monetary, and direct policy interventions available to governments.
Intro to Macroeconomics - Book VersionMark Anthony
This document provides an overview and outline of key concepts in macroeconomics. It discusses the three main concerns of macroeconomics as output growth, unemployment, and inflation/deflation. It also describes the key components of the macroeconomy including households, firms, government, and the rest of the world. Additionally, it outlines the three market arenas of goods and services, labor, and money. The role of government fiscal and monetary policy in macroeconomics is also summarized.
This chapter introduces the Solow growth model, which examines how capital accumulation and population growth impact economic growth and living standards over the long run. The key aspects covered include:
- The Solow model framework of production, consumption, investment, and capital accumulation over time.
- How economies converge to a steady state level of capital per worker and output per worker.
- How factors like the saving rate can impact the steady state level and long-run growth.
- The "Golden Rule" concept of finding the optimal saving rate and capital stock that maximizes long-run consumption per person.
This chapter introduces macroeconomics and the tools used by macroeconomists. It discusses important macroeconomic issues like economic growth, unemployment, inflation, and recessions. Macroeconomists study indicators like GDP, inflation, and unemployment rates. The chapter outlines the structure of the book, which will cover classical economic theory, growth theory, and business cycle theory. It explains that macroeconomists use models to examine different issues and that these models vary in their treatment of price flexibility.
This chapter discusses macroeconomic concepts including national income, GDP, and the factors that determine and distribute total income in an economy. It presents models for how prices of labor and capital are determined by supply and demand in factor markets, and how total income is distributed to labor income and capital income based on marginal productivity. The chapter also examines the components of aggregate demand, including consumption, investment, and government spending, and how equilibrium is reached in the goods and loanable funds markets through price adjustments.
GDP is the total value of goods and services produced domestically. It is calculated by the Bureau of Economic Analysis and can be viewed through income or expenditure. The document discusses key macroeconomic indicators used to measure the economy, including CPI, unemployment rate, labor force, and their definitions. It also covers real GDP, GDP deflator, and the differences between nominal and real values.
The document discusses how the banking system creates money through fractional-reserve banking. It provides examples showing how an initial deposit of $1000 can expand the money supply to $5000 through a series of loans and deposits across multiple banks. While banks create money, they do not create wealth, as the new money is offset by an equal amount of new debt. The Federal Reserve uses three main tools to control the money supply - open market operations, reserve requirements, and the discount rate - but cannot precisely control it as households and banks can impact the money multiplier.
This document contains slides from a chapter on economic growth from a macroeconomics textbook. It introduces the Solow growth model, which examines how a closed economy's saving rate and population growth affect its long-run standard of living and capital stock. The model shows diminishing returns to capital as capital per worker increases. It defines concepts like the steady state, where investment just offsets depreciation, keeping the capital stock constant. Numerical examples demonstrate how the capital stock approaches the steady state over time as investment exceeds depreciation when capital is below the steady state level.
Chapter 1 - basic concepts about macroeconomics for BBAginish9841502661
This chapter introduces macroeconomics and important macroeconomic concepts. It discusses what macroeconomists study, including issues like inflation, unemployment, recessions, government budgets, trade balances, and economic growth. It introduces tools and concepts used in macroeconomic analysis, including aggregate supply and demand, GDP, unemployment, inflation, and exchange rates. It explains why macroeconomics is important by outlining how the macroeconomy impacts society's well-being. Finally, it provides an overview of basic macroeconomic models and concepts like stocks and flows, production possibility frontiers, and the differences between endogenous and exogenous variables.
Tiga kalimat ringkasan dokumen tersebut adalah:
Dokumen tersebut membahas tentang ekonomi makro dan mikro, termasuk konsep-konsep seperti produk domestik bruto, inflasi, uang, dan model permintaan serta penawaran. Dokumen tersebut juga menjelaskan bagaimana pendapatan nasional didistribusikan ke faktor-faktor produksi seperti modal dan tenaga kerja.
This document provides instructions for students, asking them to get a textbook, describe a picture on page 49, and take notes on chapter 3 headings in blue. Students can either complete practice problems on page 61 or create an educational game to teach concepts from the chapter like production possibility frontiers and comparative advantage, with the assignment due on August 23.
This document discusses supply and demand. It begins by asking questions about factors that affect demand and supply, and how supply and demand determine price and quantity. It then defines markets and competition. The rest of the document discusses the concepts of demand, including demand schedules and curves. It explains individual demand versus market demand. It also discusses factors that can shift the demand curve, like number of buyers, income, prices of related goods, tastes, and expectations. Similarly, it covers the concepts of supply, including supply schedules and curves, as well as factors that shift the supply curve, like input prices, technology, number of sellers, and expectations. In summary, it provides an overview of the key microeconomic concepts of supply, demand,
Macroeconomics is the study of the economy as a whole, including issues like economic growth, inflation, and unemployment. Economists use various models to examine different macroeconomic issues in both the short-run and long-run. Models with flexible prices describe the long-run, while models with sticky prices are used for the short-run. Macroeconomic outcomes emerge from individual microeconomic actions.
This chapter introduces macroeconomics and the tools used in macroeconomic analysis. It discusses important macroeconomic issues like unemployment, inflation, and recessions. Economists use models to study these issues; models simplify reality by stripping out irrelevant details. A model of supply and demand for cars is presented to illustrate how endogenous and exogenous variables work in a model. The chapter outlines the rest of the book and distinguishes between models that assume flexible prices, describing the long-run economy, versus sticky prices, describing the short-run.
chap 1.Economic model and macro iindicators Mankiw.pptwaleedlink96
This chapter introduces macroeconomics and the key variables of GDP, inflation, and unemployment. The objective is to develop an analytical framework to explain trends in these variables and how government policies can affect them. Models are used to simplify complex economic relationships and analyze how changes in factors like income, prices, and supply/demand influence equilibrium outcomes. The chapter discusses the supply and demand model of the car market as an example and notes the importance of distinguishing endogenous and exogenous variables. It also introduces the concept of price flexibility versus stickiness and how this impacts the economy in the short versus long run.
chap 1.Economic model and macro iindicators Mankiw (1).pptmaaidahussain1
This chapter introduces macroeconomics and the goals of the course. It will develop an analytical framework to explain economic growth, unemployment, inflation, and how government policies can impact these factors. Important macroeconomic issues include why inflation and costs of living increase, why unemployment remains high even during economic recoveries, and what causes recessions and if governments can combat them. Models are used to simplify complex economic realities and show relationships between variables to explain economic behavior and develop policies. Key macroeconomic variables that will be examined are GDP, inflation rates, and unemployment rates.
Macroeconomics is the study of the economy as a whole, including growth, prices, and unemployment. Economists use models to understand different economic issues, with flexible price models describing the long run and sticky price models for the short run. This chapter introduced macroeconomics and economic models, explaining how models simplify reality to show relationships between variables and inform policies. It also outlined the topics to be covered in the book.
This chapter introduces macroeconomics and its key concepts. It discusses how macroeconomists study issues like economic growth, unemployment, and inflation at an aggregate level. The chapter also outlines the tools macroeconomists use, including economic models that simplify complex realities. It provides an example supply and demand model of the car market and discusses the distinction between endogenous and exogenous variables. The chapter concludes with an outline of the book's contents and a summary of macroeconomics as the study of the economy as a whole.
Macro economics, G.mankiw, 1-The Science of MacroeconomicsDr. Arifa Saeed
This document provides an introduction to macroeconomics. It discusses important issues studied in macroeconomics like inflation, unemployment, and economic growth. It also introduces some key tools used in macroeconomic analysis, including economic models. An example model of supply and demand for cars is presented to illustrate how macroeconomists use simplified models to show relationships between variables and explain economic behavior. The document emphasizes that different models are needed to study different macroeconomic issues.
This chapter introduces macroeconomics and the issues it addresses, such as economic growth, unemployment, and inflation. It discusses how macroeconomists use models to study these topics. Models make simplifying assumptions about factors like flexible vs. sticky prices to examine long-run versus short-run economic behavior. The chapter outlines the structure of the macroeconomics textbook in examining classical theory, growth theory, business cycles, and policy debates.
1. The chapter introduces macroeconomics and the tools used by macroeconomists to study issues like economic growth, unemployment, inflation, and the effects of government policies.
2. Macroeconomic models use simplified representations of the economy to show relationships between variables and explain economic behavior. Assumptions about price flexibility impact whether a model applies to short-run or long-run analysis.
3. Macroeconomics analyzes the whole economy and links microeconomic decisions of households and firms to macroeconomic outcomes. Different models address different issues over different time periods.
This document provides an overview of macroeconomics concepts from a textbook. It discusses what macroeconomists study, including issues like recessions, government spending, and inflation. It also covers the tools macroeconomists use, such as economic models, and key concepts around prices being flexible or sticky in the short and long run. The document outlines the chapters in the textbook, which cover classical economic theory, growth theory, business cycles, and macroeconomic policy.
Macroeconomics is the study of the economy as a whole. Economists use models to examine issues like unemployment, inflation, and growth. Models simplify reality and show relationships between variables. Gross Domestic Product is a key statistic that measures total expenditure and income in the economy. It has components like consumption, investment, government spending, and net exports. Other important statistics include the Consumer Price Index for inflation and the unemployment rate.
Macroeconomics is the study of the economy as a whole. Economists use models to examine issues like unemployment, inflation, and growth. Models simplify reality and show relationships between variables. Gross domestic product is a key statistic that measures total expenditure and income in the economy. It has components like consumption, investment, government spending, and net exports. Other important statistics include inflation using the Consumer Price Index and the unemployment rate.
This course provides students with an understanding of macroeconomic analysis and application of microeconomic theory. The tentative course outline covers topics such as aggregate supply and demand, money supply and inflation, and unemployment. Students will complete a term paper and presentation analyzing a macroeconomic issue. Assessment includes exams, assignments, and the paper/presentation.
This document introduces macroeconomics and the tools used by macroeconomists. It discusses important macroeconomic issues like GDP, inflation, unemployment and recessions. It explains that macroeconomists use simplified models to study relationships between economic variables and to explain overall economic behavior. Models can have flexible or sticky prices, affecting how the economy functions in the short and long run. The goal of macroeconomics is to understand and improve the overall economy.
This document provides an overview and introduction to the scope and method of economics. It discusses the following key points in 3 sentences:
Economics is the study of how individuals and societies make choices with scarce resources. The document outlines why economics is studied, including to learn a way of thinking, understand society and global affairs, and be an informed voter. It also describes the scope of economics in terms of microeconomics, macroeconomics, and diverse fields, as well as the method which involves theories, models, and empirical testing of economic concepts.
This document provides an overview and introduction to economics. It discusses the scope of economics, including microeconomics and macroeconomics. It also covers the reasons to study economics, such as to learn a way of thinking and to understand society and global affairs. Additionally, it summarizes the method of economics, including theories, models, and empirical testing. Economic policy goals like efficiency, equity, growth and stability are also briefly outlined.
Macroeconomics examines economies at a large scale by studying aggregate variables such as output, inflation, and unemployment. It analyzes differences between the micro and macro levels. Economists use models to understand relationships between endogenous and exogenous variables in both the short-run, where prices are sticky, and long-run, where prices are flexible and technology evolves.
This document summarizes the key differences between microeconomics and macroeconomics. Microeconomics examines individual markets and consumer behavior, while macroeconomics looks at aggregate variables for the whole economy. Specifically, microeconomics is concerned with supply and demand in individual markets, while macroeconomics focuses on monetary/fiscal policy and economic growth at the national level. A key difference is that microeconomics assumes markets will quickly reach equilibrium, but macroeconomics recognizes economies may remain in disequilibrium like during recessions.
Here are the steps to calculate the opportunity cost:
1. Calculate the difference in production between the two goods.
From A to B, chairs decreased by 5 while TVs increased by 5.
2. Write this as a sentence:
The opportunity cost of 5 more TVs is 5 fewer chairs.
3. Divide to find the opportunity cost of 1 unit:
The opportunity cost of 1 more TV is 1 fewer chair.
Or the opportunity cost of 1 fewer chair is 1 more TV.
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2. CHAPTER 1 The Science of Macroeconomics slide 2
Learning Objectives
This chapter introduces you to
the issues macroeconomists study
the tools macroeconomists use
some important concepts in macroeconomic
analysis
3. CHAPTER 1 The Science of Macroeconomics slide 3
Important issues in
macroeconomics
Why does the cost of living keep rising?
Why are millions of people unemployed,
even when the economy is booming?
What causes recessions?
Can the government do anything to combat
recessions? Should it?
Macroeconomics, the study of the economy as
a whole, addresses many topical issues:
4. CHAPTER 1 The Science of Macroeconomics slide 4
Important issues in
macroeconomics
What is the government budget deficit?
How does it affect the economy?
Why does the U.S. have such a huge trade
deficit?
Why are so many countries poor?
What policies might help them grow out of
poverty?
Macroeconomics, the study of the economy as
a whole, addresses many topical issues:
5. CHAPTER 1 The Science of Macroeconomics slide 5
0
10,000
20,000
30,000
40,000
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000
U.S. Real GDP per capita
(2000 dollars)
Great
Depression
World War II
First oil
price shock
Second oil
price shock
long-run upward trend…
9/11/2001
6. CHAPTER 1 The Science of Macroeconomics slide 6
U.S. inflation rate
(% per year)
-15
-10
-5
0
5
10
15
20
25
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000
7. CHAPTER 1 The Science of Macroeconomics slide 7
U.S. unemployment rate
(% of labor force)
0
5
10
15
20
25
30
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000
8. CHAPTER 1 The Science of Macroeconomics slide 8
Why learn macroeconomics?
1. The macroeconomy affects society’s well-being.
Each one-point increase in the unemployment rate
is associated with:
920 more suicides
650 more homicides
4000 more people admitted to state mental
institutions
3300 more people sent to state prisons
37,000 more deaths
increases in domestic violence and homelessness
Each one-point increase in the unemployment rate
is associated with:
920 more suicides
650 more homicides
4000 more people admitted to state mental
institutions
3300 more people sent to state prisons
37,000 more deaths
increases in domestic violence and homelessness
9. CHAPTER 1 The Science of Macroeconomics slide 9
Why learn macroeconomics?
2. The macroeconomy affects your well-being.
changefrom12mosearlier
percentchangefrom12mosearlier
In most years, wage growth falls
when unemployment is rising.
In most years, wage growth falls
when unemployment is rising.
10. CHAPTER 1 The Science of Macroeconomics slide 10
Why learn macroeconomics?
Unemployment & inflation in election years
year U rate inflation rate elec. outcome
1976 7.7% 5.8% Carter (D)
1980 7.1% 13.5% Reagan (R)
1984 7.5% 4.3% Reagan (R)
1988 5.5% 4.1% Bush I (R)
1992 7.5% 3.0% Clinton (D)
1996 5.4% 3.3% Clinton (D)
2000 4.0% 3.4% Bush II (R)
2004 5.5% 3.3% Bush II (R)
3. The macroeconomy affects politics.
11. CHAPTER 1 The Science of Macroeconomics slide 11
Economic models
…are simplified versions of a more complex reality
irrelevant details are stripped away
…are used to
show relationships between variables
explain the economy’s behavior
devise policies to improve economic
performance
12. CHAPTER 1 The Science of Macroeconomics slide 12
Example of a model:
Supply & demand for new cars
shows how various events affect price and
quantity of cars
assumes the market is competitive: each buyer
and seller is too small to affect the market price
Variables:
Q d
= quantity of cars that buyers demand
Q s
= quantity that producers supply
P = price of new cars
Y = aggregate income
Ps = price of steel (an input)
13. CHAPTER 1 The Science of Macroeconomics slide 13
The demand for cars
demand equation: Q d
= D (P,Y )
shows that the quantity of cars consumers
demand is related to the price of cars and
aggregate income
14. CHAPTER 1 The Science of Macroeconomics slide 14
Digression: functional notation
General functional notation
shows only that the variables are related.
Q d
= D (P,Y )
A specific functional form shows
the precise quantitative relationship.
Example:
D (P,Y ) = 60 – 10P + 2Y
A list of the
variables
that affect Q d
15. CHAPTER 1 The Science of Macroeconomics slide 15
The market for cars: Demand
Q
Quantity
of cars
P
Price
of cars
D
The demand curve
shows the relationship
between quantity
demanded and price,
other things equal.
demand equation:
( , )=d
Q D P Y
16. CHAPTER 1 The Science of Macroeconomics slide 16
The market for cars: Supply
Q
Quantity
of cars
P
Price
of cars
D
supply equation:
( , )=s
sQ S P P S
The supply curve
shows the relationship
between quantity
supplied and price,
other things equal.
17. CHAPTER 1 The Science of Macroeconomics slide 17
The market for cars: Equilibrium
Q
Quantity
of cars
P
Price
of cars S
D
equilibrium
price
equilibrium
quantity
18. CHAPTER 1 The Science of Macroeconomics slide 18
The effects of an increase in income
Q
Quantity
of cars
P
Price
of cars S
D1
Q1
P1
An increase in income
increases the quantity
of cars consumers
demand at each price…
…which increases
the equilibrium price
and quantity.
P2
Q2
demand equation:
( , )=d
Q D P Y
D2
19. CHAPTER 1 The Science of Macroeconomics slide 19
The effects of a steel price increase
Q
Quantity
of cars
P
Price
of cars S1
D
Q1
P1
An increase in Ps
reduces the quantity of
cars producers supply
at each price…
…which increases the
market price and
reduces the quantity.
P2
Q2
S2
supply equation:
( , )=s
sQ S P P
20. CHAPTER 1 The Science of Macroeconomics slide 20
Endogenous vs. exogenous
variables
The values of endogenous variables
are determined in the model.
The values of exogenous variables
are determined outside the model:
the model takes their values & behavior
as given.
In the model of supply & demand for cars,
endogenous: , ,d s
P Q Q
exogenous: , sY P
21. CHAPTER 1 The Science of Macroeconomics slide 21
Now you try:
1. Write down demand and supply
equations for wireless phones;
include two exogenous variables
in each equation.
2. Draw a supply-demand graph
for wireless phones.
3. Use your graph to show how a
change in one of your exogenous
variables affects the model’s
endogenous variables.
22. CHAPTER 1 The Science of Macroeconomics slide 22
A multitude of models
No one model can address all the issues we
care about.
e.g., our supply-demand model of the car
market…
can tell us how a fall in aggregate income
affects price & quantity of cars.
cannot tell us why aggregate income falls.
23. CHAPTER 1 The Science of Macroeconomics slide 23
A multitude of models
So we will learn different models for studying
different issues (e.g., unemployment, inflation,
long-run growth).
For each new model, you should keep track of
its assumptions
which variables are endogenous,
which are exogenous
the questions it can help us understand,
and those it cannot
24. CHAPTER 1 The Science of Macroeconomics slide 24
Prices: flexible vs. sticky
Market clearing: An assumption that prices are
flexible, adjust to equate supply and demand.
In the short run, many prices are sticky –
adjust sluggishly in response to changes in
supply or demand. For example,
many labor contracts fix the nominal wage
for a year or longer
many magazine publishers change prices
only once every 3-4 years
25. CHAPTER 1 The Science of Macroeconomics slide 25
Prices: flexible vs. sticky
The economy’s behavior depends partly on
whether prices are sticky or flexible:
If prices are sticky, then demand won’t always
equal supply. This helps explain
unemployment (excess supply of labor)
why firms cannot always sell all the goods
they produce
Long run: prices flexible, markets clear,
economy behaves very differently
26. CHAPTER 1 The Science of Macroeconomics slide 26
Outline of this book:
Introductory material (Chaps. 1 & 2)
Classical Theory (Chaps. 3-6)
How the economy works in the long run, when
prices are flexible
Growth Theory (Chaps. 7-8)
The standard of living and its growth rate over the
very long run
Business Cycle Theory (Chaps. 9-13)
How the economy works in the short run, when
prices are sticky
27. CHAPTER 1 The Science of Macroeconomics slide 27
Outline of this book:
Policy debates (Chaps. 14-15)
Should the government try to smooth business
cycle fluctuations? Is the government’s debt a
problem?
Microeconomic foundations (Chaps. 16-19)
Insights from looking at the behavior of
consumers, firms, and other issues from a
microeconomic perspective
28. Chapter SummaryChapter Summary
Macroeconomics is the study of the economy as
a whole, including
growth in incomes,
changes in the overall level of prices,
the unemployment rate.
Macroeconomists attempt to explain the
economy and to devise policies to improve its
performance.
CHAPTER 1 The Science of Macroeconomics slide 28
29. Chapter SummaryChapter Summary
Economists use different models to examine
different issues.
Models with flexible prices describe the economy
in the long run; models with sticky prices
describe the economy in the short run.
Macroeconomic events and performance arise
from many microeconomic transactions, so
macroeconomics uses many of the tools of
microeconomics.
CHAPTER 1 The Science of Macroeconomics slide 29
Editor's Notes
Dear Colleague,
Thank you for trying these PowerPoints. I have worked hard to make them useful, accurate, and interesting in hopes of saving you prep time and contributing to an effective classroom experience for your students.
To help you get the most from these slides, I have prepared a README file with User Instructions, and I have annotated many individual slides with notes – visible only to you – that appear in this area of your screen.
I will be preparing minor updates about once a year between major revisions of the text, to update the data and correct typos, etc. If you find a typo or have a suggestion, please email it to me and I will consider it for the next update.
My email address is roncron@unlv.nevada.edu.
Sincerely, Ron Cronovich
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This slide and the next contain a list of some topical issues that macro can help students understand. Feel free to substitute others as new issues emerge.
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It might be useful to briefly define the unemployment rate so that students will be able to understand this and the next few slides.
Source: Barry Bluestone and Bennett Harrison, The Deindustrialization of America (New York: Basic Books, 1982), Chapter 3, cited in Robert J. Gordon, Macroeconomics, 4th edition (Boston: Little, Brown and Company), p.334. If you know of more recent estimates, please email me so I can update this slide!!! Thanks! (My email address is roncron@unlv.nevada.edu)
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Macroeconomics helps students understand forces that will affect their financial well-being. Here’s an example.
When the unemployment rate is rising, tens or hundreds of thousands of people are losing their jobs. This affects even those who don’t lose their jobs:
As the graph shows, during most years there is a clear negative relationship between the (12-month) change in unemployment and the annual growth rate of real wages. In plain English, rising unemployment is associated with falling (and often negative) wage growth. So when the economy goes into recession, even if our students get to keep their jobs, they will find it much harder to get a raise, and may have to accept a real wage cut.
Students find this relationship intuitive. When unemployment is rising, the supply of workers is rising faster than demand, so wages grow more slowly or even fall. Conversely, falling unemployment gives workers more bargaining power over wages, as it becomes increasingly hard for employers to replace their workers, and increasingly easy for workers to find good opportunities with other companies.
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I’d also suggest you briefly define the inflation rate (as the percentage increase in the cost of living) to help students understand this slide.
Main point of this data: The state of the economy has a huge impact on election outcomes. When the economy is doing poorly, there tends to be a change in the party that controls the White House.
1976: The rates of inflation () and unemployment (u) both high. Incumbent (Ford, R) loses.
1980: u still high, even higher. Incumbent (Carter, D) loses.
1984: u still high, but much lower. Incumbent (Reagan) wins.
1988: the same, u much lower. Incumbent party wins.
1992: low, but u much higher (and was higher yet in 1991). Incumbent loses.
1996: u much lower, incumbent wins.
2000: Economy doing great, and incumbent party candidate (Gore, D) wins majority of popular vote, but loses electoral college to challenger.
2004: u somewhat higher, but lower than in 2001 recession; low; incumbent wins
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Students will realize that the auto market is not competitive. However, if all we want to know is how an increase in the price of steel or a fall in consumer income affects the price and quantity of autos, then it’s fine to use this model.
In general, making unrealistic assumptions is okay, even desirable, if they simplify the analysis without affecting its validity.
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We often aren’t concerned with the exact quantitative relationship between variables, so we will often just use the general functional notation.
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Endogenous variables: price of wireless phones, quantity of wireless phones
Exogenous variables:
consumer income
price of wireless phone service (a complement)
price of landline phones & phone service (a substitute)
technology
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The portion of the book described on this slide comprises the core material. It is organized around time horizons: the long run (flexible prices), the very long run (growth in capital, the population, and technology itself), and the short run (sticky prices and economic fluctuations).
But wait! There’s more! See the next slide….
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All of the chapters listed on this slide are very good, but some instructors find that the semester isn’t always long enough to cover all of this material. Feel free to select chapters from these parts that best match the needs and interests of you and your students.
*** Are you covering Chapter 2 next? The PowerPoint presentation for Chapter 2 includes some in-class exercises to immediately reinforce concepts as they are presented. These exercises also help break up the lecture into smaller pieces. If you’d like to try them, please ask your students to bring calculators to the next class meeting.