ECO 1000 Lecture 6: ECO Chapter 6
Document Summary
Studies the behavior of the economy as a whole, specifically long-run economic growth and short-run economic inflations. Macroeconomics focuses on what three (3) key economic statistics? real gdp, unemployment, and inflation. Help to clarify many important questions about government economic policy. The changes in long-run economic growth and the short-run fluctuations in output and employment. When slow economic growth results in a significant decline in living standards. Measures the value of final goods and services produced within the borders of a country during a specific period of time (typically a year) Totals the dollar value of all goods and services produced within the borders of a country *using their current prices during the year the goods and services were produced* The state a person is in if he/she cannot get a job despite being will to work and actively seeking work. An increase in the overall level of prices.
