[ECN 204] - Midterm Exam Guide - Everything you need to know! (10 pages long)

• School: Ryerson University
• Department: Economics
• Course: ECN 204
• Professor: Teresa Fung

Document Summary

Macroeconomics focuses on national economies while finding answers to the largest of economic questions. An overview of the data that macroeconomists use to measure the statue and growth of an entire economy. Short- run fluctuations in output and employment. Assessing the health of the economy: performance and policy. Business cycle is the repetition in increases and decreases in the level of economic activity over periods of years. Economies show a distinct growth trend that leads to higher output and higher standards of living in the long run. In the short run, there is a considerable variability, sometimes rapidly and other times more slow. It can even turn to negative so that output and living standards decline. Economists collect data about the economy to measure how well/ poor it is running. The types of data can include things like: The amount of new construction taking place each month. How many ships laden with cargo are arriving at canadian ports each year.