Recessions: periods of falling real incomes and rising unemployment Depressions: severe recessions (very rare) Short-run economic fluctuations are often called business cycles FACTS: 1. Economic fluctuations are irregular and unpredictable. 2. Most macroeconomic quantities fluctuate together. 3. As output falls‚ unemployment rises. The AD curve shows the quantity of all g&s demanded in the economy at any given price level. Y = C + I + G + NX When an increase happened to C
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substantial background on all three industrial groups. With an understanding of the development‚ capacity and future of these three industries‚ and an analysis of the current business environment‚ likely market scenarios are used to provide a five-year forecast of both supply and demand in the final chapter. 1.1 CHAPTER SUMMARIES Chapter 1 - Introduction – Provides a brief description of each of the various chapters of the report. The report methodology is then discussed followed by an executive
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Macro-Economics What is Macroeconomics? Macroeconomics studies the behaviour of the entire economy‚ and how resources are allocated. It examines economy – wide phenomena such as changes in unemployment‚ national income‚ rate of growth‚ gross domestic product‚ inflation and price levels. Macroeconomics deals with 5 variables: Variable Macroeconomic objective Economic growth A steady rate of increase of national output Employment A low level of unemployment Price stability A low and stable
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markets. • Macroeconomics – the study of the economy as a whole. – Its goal is to explain the economic changes that affect many households‚ firms‚ and markets at once. • The Two Groups of Economists • Macroeconomists • Focus on the economy as a whole. • Spend much time analyzing how total income changes and how changes in income cause changes in other modes of economic behavior. • Microeconomists • Focus on the markets for individual commodities and on the decisions of single economic agents
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Market Potential Indicator Several indicators are used in developing this Market Potential index. According to Global Edge‚ these indicators are market size‚ market intensity‚ growth rate‚ consumption capacity‚ commercial infrastructure‚ receptivity‚ economic freedom and country risk (Market Potential Index‚ 2014). Measures used to calculate market size is urban population and electricity consumption. GNI per capita and private consumption as a percentage of GDP were the measures used to calculate
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U.S. Productivity and Economic Growth during 1980s – 2000s This class is macroeconomics‚ which is a part of economics that is the field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment‚ national income‚ rate of growth‚ gross domestic product‚ periods of inflation and price levels. Many changes have occurred in the U.S. productivity and economic growth since the 1980s. There have been periods of
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ECON1102 Macroeconomics 1 Course Outline Semester 2‚ 2013 Part A: Course-Specific Information Students are also expected to have read and be familiar with Part B Supplement to All Course Outlines. This contains Policies on Student Responsibilities and Support‚ Including Special Consideration‚ Plagiarism and Key Dates. It also contains the ASB PROGRAM LEARNING GOALS. Table of Contents 1 STAFF CONTACT DETAILS 1 1 2 2 2 3 3 3 3 4 4 5 6 6 6 6 7 7 7 8 8 8 9 9 10 10 11 1.1 Communications with
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Fundamentals of Macroeconomics Paper ECO/372 Fundamentals of Macroeconomics Paper Part 1 * Gross Domestic Product (GDP)- is the market value of all goods and services within a country in a period of time (Hindsight). * Real GDP- account for changes in the price level‚ an adjusted measure compared to Nominal GDP. * Nominal GDP- When a GDP figures that has not been adjusted for inflation. * Unemployment Rate- The rate is measure of unemployment citizens by dividing the number
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business’ incur during the production cycle. It’s important for firms‚ owners or managers‚ etc. to know about the various costs (i.e. fixed costs‚ variable costs and total cost). Also that accounting focuses on explicit cost and revenue; while economics focuses on both explicit and implicit cost and revenues. The topics that I struggled with are the understanding of economies of scale‚ diseconomies of scale and understand the shape or the different reasons that would make the curve shift. The
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Commentary Two of the main macroeconomic objectives are low inflation rates and high economic growth. In an economy inflation is the persistent increase in price levels over a period of time while economic growth is an increase in real GDP (value of economic output adjusted for inflation). Most times‚ government stifles economic growth as they disregard it to concentrate solemnly on finding a solution for high inflation. This is presently one of India’s greatest problems as it struggles to combat
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