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Macroeconomics - PowerPoint PPT Presentation


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A Preview of Macroeconomics Topics Economic Growth Economic Fluctuations Inflation Unemployment Monetary Policy Fiscal Policy Requires a theory of the whole economy not one firm not one consumer not one industry not one market Important Different Fascinating Even controversial

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A Preview of

Macroeconomics

macro
Topics

Economic Growth

Economic Fluctuations

Inflation

Unemployment

Monetary Policy

Fiscal Policy

Requires a theory of the whole economy

not one firm

not one consumer

not one industry

not one market

Important

Different

Fascinating

Even controversial

MACRO
measuring gdp
Measuring GDP
  • Look at the most recent GDP (CNNfn)
  • The market value of all the final goods and services newly produced in a country during some time period
  • Three approaches to measuring GDP
    • Spending
    • Income
    • Production
key ideas of the spending approach
Key Ideas of the Spending Approach
  • keep your eye on the ball: we want to measure production
  • four spending groups:
    • households, firms, governments, foreigners
    • consumption by households
    • investment by firms
  • why add inventory investment?
  • why add net exports?
  • government purchases only--not transfers