chapter four.ppt

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1、CHAPTER4OverviewofMacroeconomicsMacroeconomics—isthestudyofthebehavioroftheeconomyasawhlole.Itexaminestheforcesthataffectmanyfirms,consumers,andworkersatthesametime.OutputGrossdomesticproduct(GDP)—isthemeasureofthemarketvalueofallfinalgoodsandservices(beer,cars,rockconcerts,donkeyrides,andsoon)p

2、rducedinacountryduringayear.PotentialGDP—representsthemaximumsustainablelevelofoutputthattheeconomycanproduce.HighEmployment,LowUnemploymentUnemploymentrate—isthepercentageofthelaborforcethatisunemployedPriceStabilityConsumerpriceindex(CPI)—whichmeasurestheaveragepriceofgoodsandservicesboughtbyc

3、onsumers.Inflationrate—isthepercentagechangeintheoveralllevelofpriceformoneyeartothenext.TheToolsofMacroeconomicPolicyA.FiscalPolicyB.MonetaryPolicyFiscalPolicyFiscalPolicy—denotestheuseoftaxesandgovernmentexpenditures.Governmentexpenditures:1.governmentpurchases—thesecomprisespendingongoodsands

4、ervices.2.governmenttransferpayments—boosttheincomesoftargetedgroupssuchastheelderlyortheunemployed.MonetaryPolicyMonetaryPolicy—thesecondmaforinstrumentofmacroeconomicpolicy,whichthegovernmentconductsthroughmanagingthenation’smoney,credit,andbankingsystem.InternationalLinkagesNetExprots—isthenu

5、mericaldifferencebetweenthevalueofexportsandthevalueofimports.AggregateSupplyandDemandAggregateSupply—referstothetotalquantityofgoodsandservicesthatthenation’sbusinesseswillinglyproduceandsellinagivenperiod.Aggregatedemand—referstothetotalamountthatdifferentsectorsintheeconomywillinglyspendinagi

6、venpeeriod.AggregateSupplyandDemandCurvesPQASADECB03000150200RealGDP(billions)PriceindexforallcommoditiesMacroeconomicEquilibriumMacroeconomicEquilibrium—isacombinationofoverallpriceandquantityatwhichallbuyersandsellersaresatisfiedwiththeirpurchases,sales,andprices.MacroecconomicHistory:1900-200

7、31.WartimeBoom2.TightMoney3.TheGrowthCenturyTHEEND!