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Chapter 1

Chapter 1 Notes.docx

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Department
Economics
Course
ECON 1000
Professor
All Professors
Semester
Fall

Description
Econ Chapter 1 NotesMacroeconomicsThe study of the economy answers questions about the economies of nationsPlays a critical role in politicsgovernment policy affects the economy govt supported when economy does well opposite appliesMacroeconomists determine many variables income unemployment etc to make theoriesReal GDPmeasures the total income output of the economyper person income of average personInflation Ratemeasures how quickly prices are rising change in average level of prices Unemployment Ratefraction of the labour force that is unemployedRecessionperiod where real GDP falls 1930s mildly and depressionsevere dropDeflationperiods of falling pricesInflation more normal mid1970s severeHigh unemployment highest great depression 1930s usually associated with inflationdeflationUnemployment rises usually inflation fallsviceversa Modelmade of symbol
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