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ECS STUDYNOTES COMPREHENSIVE COMPILED BY KHEITHYTUTORIALS

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ECS STUDYNOTES COMPREHENSIVE COMPILED BY KHEITHYTUTORIALS

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  • August 27, 2021
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ECS2602
MACROECONOMICS




2020



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UNISA ECS2602:
MACROECONOMICS
Study Unit: 1
By. E. Ramathuba




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Recap?
• Macroeconomics – a branch of economics where we study the
economy as a whole. In Greek “macro” means large, thus under this
branch we study the behavior of society as whole not individuals.
We look at global economic magnitudes like the total production of
a country, total employment, the inflation rate etc.

• Macroeconomic objectives
• Economists usually distinguish five macroeconomic objectives which
can be used to judge the performance of the economy.
• Economic growth
• Full employment
• Price stability
• Balance of payments stability 2
• Equal distribution of income



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BUSINESS CYCLE
• The business cycle is the pattern of upswing (expansion) and downswing
(contraction) that can be discerned in economic activity over a number of
years.
• From the figure below:, between AB is the period of upswing and BC is a
period of downswing of the economy. The role of macroeconomic policies
(fiscal and monetary policies) is to try reducing the distance between the cycle
and the long-term trend, such that there is less fluctuation in the economy.

 However it is important to understand what
causes the fluctuations of the business cycle.
Several economists argued that:
 Fluctuations in the growth of economic activity are
temporary, thus could be associated with exogenous
or factors outside the market system.
 Others argue that business cycle is endogenous. As
the economy grows, interest rates increase, imports
increase, foreign exchange reserves fall and so on
until the peak is reached.
 Others argue that economic fluctuations are caused 3
by various structural external or institutional
changes.




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