Textbook Notes (369,133)
Canada (162,403)
Economics (818)
ECON 1100 (224)
Chapter 4

Chapter 4

2 Pages

Course Code
ECON 1100
Eveline Adomait

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Chapter 4: Macroeconomics- The Bird’s-Eye View of the Economy Major Macroeconomic Issues Macroeconomic Policies: government actions designed to affect the performance of the economy as a whole Average Labour Productivity: output per employed worker Economic Growth and Living Standards - Over the past century industrialized nations have experienced economic growth and improvements in living standards - Study the reasons for growth and why rates vary among nations Productivity Average - A crucial determinant of living standards - What causes speeds-up and slows down the rate of productivity growth? Recessions and Expansions - Economies experience periods on negative/slower and more rapid growth - Macroeconomists examine the fluctuations and the government policies in order to moderate them Unemployment - A fraction of the unemployment rate who are looking but cant find a job - U.Rate rises during recession Inflation - Rate at which prices are increasing over time Economic Interdependence Among Nations - Modern economies are highly interdependent - Issues include desirability of new trade agreements, effects/causes of trade imbalances and exchange-rate determination Macroeconomic Policy - Affect the performa
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