ECON 1100 Chapter Notes - Chapter 4: Deflation, Resource Depletion, Environmental Quality
17 Dec 2011
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Bird"s eye view of the economy: chapter 4 macroeconomics. One of the benefits of the great depression was that it forced economists and policy makers of the 1930s to recognize that there were major gaps in their understanding of how the economy works. Macroeconomics: the study of the performance of national economies and the policies governments use to try to improve that performance. Macroeconomic policies: government actions designed to affect the performance of the economy as a whole. One reason fro the growth of canadian output over the past century is the rapid growth of canadian population, Output per person is a better indicator of average standard of living than total output. While growth in output is strongly linked to changes in what the typical person can consume, macroeconomists are also interested in changes in what the average worker can produce. Pronounced slow downs in economic growth are called recessions, and severe slowdowns are called depressions.
