Ebook Principles of economics (10th edition): Part 2
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Ebook Principles of economics (10th edition): Part 2
PA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2s doing well, jobs arc easy to find, incomes are generally rising, and profits of corporations are high. On the other hand, if the niacrocconomy is in a slump, new jobs are scarce, incomes are not growing well, and profits are low. Students who entered the job market in the boom of the late 199f)s i Ebook Principles of economics (10th edition): Part 2n the United Stales, on average, had an easier time finding a job than did those who entered in the recession of 2008 2009. Given the large effect thaEbook Principles of economics (10th edition): Part 2
t the macroeconomy can have on our lives, it is important that we understand how it works.We begin by discussing the differences between microeconomicPA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2cision making units, typically firms and house holds. With a few assumptions about how these units behave (firms maximize profits; house holds maximize utility), we can derive useful conclusions about how markets work and how resources arc allocated.Instead of focusing on the factors that influence Ebook Principles of economics (10th edition): Part 2the production of particular products and the behavior of individual industries, macroeconomics focuses on the determinants of total national output.Ebook Principles of economics (10th edition): Part 2
Macroeconomics studies not household income but national income, not individual prices but the overall price level. Il docs riot analyze the demand foPA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2s of households and firms. Microeconomics deals with individual decisions; macroeconomics deals with the sum of these individual decisions. Aggregate is used in macroeconomics to refer to sums. When we speak of aggregate behavior, we mean the behavior of all households and firms together. We also sp Ebook Principles of economics (10th edition): Part 2eak of aggregate consumption and aggregate investment, which refer to total consumption and total investment in the economy, respectively.Because micrEbook Principles of economics (10th edition): Part 2
oeconomists and macroeconomists look at the economy from diflerent perspectives, you might expect that they would reach somewhat different conclusionsPA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2e, adjusting to maintain equality between quantity supplied and quantity demanded. Macroeconomists, however, observe that important prices in the economy— for example, the wage rate (or price of labor)—often seem “sticky." Sticky prices are prices that do not always adjust rapidly to maintain equali Ebook Principles of economics (10th edition): Part 2ty between quantity supplied and quantity demanded. Microeconomists do not expect to sec the quantity of apples supplied exceeding the quantity ofCHAPEbook Principles of economics (10th edition): Part 2
TER OUTLINEMacroeconomic Concerns p. fjoOutput Growth Unemployment Inflation and DeflationThe Components of the Macroeconomy /1 412The Circular Flow DPA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2.417microeconomics Examines the functioning of individual industries and the behavior of individual decision-making units, firms and households.macroeconomics I Je.ils with the economy as a whole. Macroeconomics focuses on lhe determinants of total national income, deals with aggregates such as aggr Ebook Principles of economics (10th edition): Part 2egate consumption and investment, and looks at the overall level of prices instead of individual prices.aggregate behavior The behavior of all househoEbook Principles of economics (10th edition): Part 2
lds and firms together.sticky prices Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded.409PA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2ntity ofgoods and services produced in an economy in a given period.recession A penod dunng which aggregate output declines. Conventionally, a period in which aggregate output declines for two consecutive quarters.depression A prolonged and deep recession.expansion or boom Use perirxl in the busines Ebook Principles of economics (10th edition): Part 2s cycle from a trough up to a peak during which output and employment grow.contraction, recession, or slump I hr period in the business cycle from a pEbook Principles of economics (10th edition): Part 2
eak down to a trough during which output and employment fall.apples demanded because the price of apples is not stick)'. On the other hand, macrocconoPA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2or demanded. Al such times, it appears that wage rates do not adjust fast enough to equate the quantity of labor supplied and the quantity of labor demanded.Macroeconomic ConcernsThree of the major concerns of macroeconomics arc■Output growth■Unemployment■Inflation and deflationGovernment policy mak Ebook Principles of economics (10th edition): Part 2ers would like to have high output growth, low unemployment, and low inflation. We will see that these goals may conflict with one another and that anEbook Principles of economics (10th edition): Part 2
important point in understanding macroeconomics is understanding these conflicts.Output GrowthInstead of growing al an even rale al all limes, economPA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy is Ebook Principles of economics (10th edition): Part 2re of how an economy is doing is aggregate output, the total quantity of goods and services produced in the economy in a given period. When less is produced (in Ollier words, when aggregate output decreases), there arc fewer goods and services to go around and the aver age standard of living decline Ebook Principles of economics (10th edition): Part 2s, when firms cut back on production, they also lay off workers, increasing the rate of unemployment.PA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy isPA RT IV CONCEP rs AND PROBLEMS IN MACROECONOMICSIntroduction to Macroeconomics20Macroeconomics is part of our everyday lives. If the macroecon omy isGọi ngay
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