MGEB06H3 Study Guide - Final Guide: Macroeconomics, Macroeconomic Model, Demand Curve

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Macroeconomics, the study of the economy as a whole, attempts to answer these and many related questions. To appreciate the importance of macroeconomics, you need only read the newspaper or listen to the news. Every day you can see headlines such as income growth slows, fed moves to combat inflation, or. Although these macroeconomic events may seem abstract, they touch all of our lives. Business executives forecasting the demand for their products must guess how fast consumers" incomes will grow. Senior citizens living on xed incomes wonder how fast prices will rise. Recent college graduates looking for jobs hope that the economy will boom and that rms will be hiring. Because the state of the economy affects everyone, macroeconomic issues play a central role in political debate. Voters are aware of how the economy is doing, and they know that government policy can affect the economy in powerful ways.

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