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Summary Chapter 1: The Science of Macroeconomics R50,00   Add to cart
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  3. Nelson Mandela Metropolitan University (NMMU)
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  5. Macro Economics (ECC201)

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Summary Chapter 1: The Science of Macroeconomics
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  • Chapter 1
  • March 18, 2021
  • 4
  • 2020/2021
  • Summary

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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.

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