MGEA06H3 Lecture Notes - Macroeconomics, Employment-To-Population Ratio, Dot Product

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA06H3
• Professor: Iris Au

Document Summary

N need help for the course: the tas are your first option, ta office: mw 369, my office hours. 11 1 pm, 4 6 pm. N unemployment unemployment rate & labour force participation rate. N while microeconomics is about a specific market, macroeconomics is about the economy as a whole (i. e. the aggregates). N macroeconomics is not simply a matter of adding things up, because the dynamics are different! In macroeconomics, we look at the things like: national income, level of unemployment, inflation rate, the exchange rate, etc. N answer: no unemployment because the quantity demanded = quantity supplied. N we know there is unemployment, and sometimes it can be very serious: the great depression of the 1930s, recessions of early 1980s and 1990s. Example 2: inflation percentage change in the general price level. N a microeconomic approach to inflation involves two markets and a shift in demand. N answer: no change in overall prices and no inflation.