ECON 295 Chapter : Econ 295 - Readings 19-22

• School: McGill University
• Department: Economics (Arts)
• Course: ECON 295
• Professor: Christopher Ragan

Document Summary

Macroeconomics: study of the determination of economic aggregates, such as total output, total employment, the price level, and the rate of economic growth. How the economy behaves i broad outline without dwelling on much of the detail that occurs in markets for individual products. A full understanding of macroeconomics requires understanding the nature of short-run fluctuations as well as the nature of long-run economic growth. The most comprehensive measure of nation"s overall level of economic activity is the value of its total production of goods and services, called national product. National product is by definition equal to national income. National income: both the value of total output and the value of the income claims generated by the production of that output. To measure total output, quantities of many different goods are aggregated add up the values of the different products.