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ECON 209 (122)
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chapter19.pdf

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Department
Economics (Arts)
Course
ECON 209
Professor
Mayssun El- Attar Vilalta
Semester
Winter

Description
of 271Chapter 19What MacroeconomicsIs All AboutCopyright2011 Pearson Canada Incof 272Some remarks1Most macroeconomic issues are about either longruntrends economic growth or shortrun fluctuationsbusiness cycles and government policy is relevant forboth2Two streams of research in macro based explicitly onmicro foundations based only implicitly on these microfoundationsCopyright2011 Pearson Canada Incof 273191 Key Macroeconomic VariablesOutput and IncomeNational product is the most comprehensive measure ofnations overall level of economic activityThe production of output generates incomeEg if a firm produces 100 worth of ice cream that 100ultimately represents income for the firms workers the firmssuppliers of material inputs and the firm ownersNational product is by definition equal to national incomeCopyright2011 Pearson Canada Inc
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