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15 Mar 2019
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Not observable, talking about what"s going on in the entire nation, more interested in overall performance. Aggregated (word for macro): to sum up. Economic growth, unemployment and inflation are the keys to foundational what we study. Producing more goods and services; which can make more jobs, which can mean more income; we need an economy that"s growing to create jobs. We say an economy is growing if at a point in time we"re producing more goods and services than we were in a previous period. Major issue: fluctuations over time: long run: changes in productivity, as productivity grows each worker is giving us more goods and services. Downside of the business cycle: expansion: periods in white on chart on excel; economic growth is positive, producing more goods and services while creating jobs. The problem is the economy isn"t going to expand forever, expansions can be short. For the survey, using the whole us population isn"t accurate.

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