ECON 2315 Chapter 3: Chapter 3- Productivity, Output, and Employment

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Chapter 3: productivity, output, and employment page 61- 98. The measurement of economic performance is a prelude to the main objective of macro: to understand how the economy works economic analysis. Analyze and develop a theoretical model of the macro economy. We assume the economy is at fe. We assume qs supplied and demanded are = in 3 major markets. The greater the q of g and s an economy can produce, the more people will be able to consume in the present and the more they will be able to save and invest for the future. Amount of output an econ can produced depends on 1) q of inputs in production process and 2) the productivity (effectiveness) with which they are used: most important input is labor. Equi in the labor market determines wages and employment, and therefore the level of employment (with qs of other inputs and the level of productivity)

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