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Macroeconomics Basics

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  • Course
  • Macroeconomics
  • Institution
  • HSBA Hamburg School Of Business Administration

Hi! Are you taking a course with the title "macroeconomics"? Then I've got something for you! My (very pretty) study notes will give you a good summary of the relevant content. Best Regards & good luck!

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Document information

  • May 22, 2024
  • 19
  • 2022/2023
  • Class notes
  • Alkis otto
  • All classes

Subjects

  • macroeconomics
  • macroeconomics
  • macroeconomics
  • macro

Written for

  • HSBA Hamburg School of Business Administration
  • Business Administration
  • Macroeconomics
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/ 2. April


CIRCULAR FLOW MODEL


Output = income




MARKLTFORGOODSGSERVICLSt-FE%Fe.mn.io#exPenditures
, ansump


Labour HOUSEHOLD.SU
T Capital
Factor of production 1
Land

income
Wages
interest
rent
>
FACTOR
MARKET
<




Intermediate good :
a good Used to produced an other
good
e. car
g.
Steel




Aggregate Output economy as a Whole


↓
the is the GDP (gross domestic product )
Measure
of the
aggregate Output

, ⑤
is the Value in
GDP of final goods & Services produced the
economy during a

Production income
aggregate aggregate
=

given perioa ,




nominal GDP: Sum
of the quantities of final goods produced × their current price
€ Yt ☐
the normal GDP can increas when production or price increases

→
steeper Slope

real GDP :
Sum
of the quantities of final goods produced ✗ Constanz pries
Yt ☐
base
year has to be cnoosem , no inflation




" "

GDP at Current prices
INTERMEDIATE GOODS TRANSFER PAYMENTS
" "
GDP at Current euros

things that don't Count in GDP

" "
GDP interims of goods
FINANCIAL TRANSACTIONS USED GOODS
" "
GDP at conStart euros
" "
GDP adjusted for inflation *
black market is estirmated


negative GDP :
because
of crises like the oie crises in the 1970s / 1980s and the

depression in 2008



hedonic Model that
pricing idemtifies price Factors according to the promis that price
:




is determined both
by internat Characteristics
of the good being sold &
external factors ofFeeling it .




relativ price ratio of the price of a specific product in one periode to the Price

of the some product in some other periode




GDP : increase
of GDP -
> increate in Wealth :
technology , more Output product more to
Consumer )
health & medial bester

, Unermploymemt of people have for
: nurmber Who dort a
job , but
Cooking one



decrease of happiness


employment labour rate
unempeoyment
+ =




unemployment rate : U/ L


UMFRAGE

EU Labour farce
Survey (LFS) :
relies on interviews of a representative Sample of
householdS Weng month


pcrticipation rate : Labour Force to the totale population of working age (15-65)


discouraged Workers : those who give up looking for a joo


Why do we are about
unemsployment ? effect on their Welfare
-




'

human resources are not Used effizient

(waste of resources →
costly )


labour
shortages
:

employees have adifficult time Ranking ( not enough Candidate . .
)


Inflation :
Sustain ed rise in the general level of pnces
◦
inflation rate →
growth rate of the price level




allpricesal-oge.EC
◦ deflation :
Sustained decline ( reg . inflation rate) price level

◦ disinflation : inflation falls but still positiv e.
g. 2% →1%




HKP ( Harmonised Index of Consumer Price) pure Inflation : proportional increase in all
Measure
of the Cost of
eiuing pries &
wages
dort Occur
" "
-
economist believe the best inflation is between 1- 4% ~




Phillips Curve

1 Inflation
" " "" " """" " "" "
" " °" " " "" "" " "" " ⁿ""ʳ"


long-
nen PC
recessionaygap high Unempioyment & low inflation




✗ Fully employment



SPC
>


unermploymemt

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