Summary
Summary Chapter 1: The Science of Macroeconomics
- Module
- Institution
- Book
This document is a summary that comprises of information gathered from the prescribed textbook.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Complete Solutions Manual for Macroeconomics (10th Edition) by Mankiw|| Latest Update 2024
-
Summary Intermediate Macroeconomics - Ba2 VUB
-
Summary Macroeconomics, ISBN: 9781319243586 ECON2002 Macroeconomic Policy 2 (ECON2002)
Seller
Follow
nf1
Content preview
CHAPTER 1: THE SCIENCE OF MACROECONOMICS- Macroeconomics – the study of the economy as a whole. It studies the influences on the
economy.
- Economists use many types of data to measure the performances of an economy. There are
three macroeconomic variables are especially important:
o Real Gross Domestic Product (Real GDP) - measures the total income of everyone
o Inflation Rate – measures how fast prices rise.
o Unemployment Rate - measures the fraction of the labour force that is out of work.
- Macroeconomists study how these variables are determined, why they change over time
and how they interact with one another.
- Within the real GDP, there are decreases during the years.
- Such periods are called recessions (if they are mild), and depressions (if they are severe)
- Two main features of these data:
o Long run, there has been a clear upward trend in living standards.
o Short run, there have been fluctuations.
- Inflation measures the average percentage change in the price level for the year.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nf1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.26. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83430 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now