Module 2. Introduction to Macroeconomics. Goes up during…. Goes down during …. Connection to Business Cycle. What is a business cycle ? How are employment and unemployment measured and how do they change over the business cycle?
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Introduction to Macroeconomics
The economy’s total production of goods and services for a given time period, usually a year.
Economic growth allows for higher wages which allows people to afford more of what they want and “need” thus a rising standard of living.Economic Growth and Standard of Living
Models are important to economics because they allow us to make situations more simple so we can focus on analyzing one change at a time.