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1、Chapter3Themacro-economicenvironment1ThestructureandobjectivesoftheeconomyMacro-economicsisthestudyoftheaggregatedeffectsofthedecisionsofindividualeconomicunits(suchashouseholdsorbusinesses).Itlooksatacompletenationaleconomy,ortheinternationaleconomicsystemasawhole.1.1Incomeandexpenditureflo
2、wsThereisa‘circularflowofincomeintheeconomy’Thismeansexpenditure,outputandincomewillallhavethesametotalvalueAbasicclosedeconomy:FirmsHouseholds1.2WithdrawalsandinjectionsintothecircularflowofincomeWithdrawals:savings,taxation,importexpenditureInjections:investment,governmentspending,exportin
3、comeFinancialsector:saving,investmentspendingGovernmentsector:taxation,governmentspendingForeignsector:importdemand,exportdemandChangesinbehaviourofoneofthecomponentsofthecircularflowcanleadtosignificantchangesineconomicperformanceasawhole.2FactorswhichaffecttheeconomyTheeconomyisrarelyinast
4、ablestatebecauseofthevariouschangingfactorswhichinfluenceit.Theseincludeinvestmentlevels,themultipliereffect,inflation,savings,confidence,interestratesandexchangerates.2.1ThemultiplierinthenationaleconomyThemultiplierinvolvestheprocessofcirculationofincomeinthenationaleconomy,wherebyaninject
5、ionofacertainsizeleadstoamuchlargerincreaseinnationalincome.Aninitialincreaseinexpenditurewillhaveasnowballeffect,leadingtofurtherandfurtherexpendituresintheeconomy.Theincreaseinnationalincomewillbeamultiplieroftheinitialincreaseinspending,withthesizeofthemultipledependingonfactorssuchaswhat
6、proportionofanynewinvestmentisspentorwhatproportionissaved.2.2Aggregatesupplyanddemand2.2.1AggregatedemandThetotaldemandintheeconomyforgoodsandservicesiscalledaggregatedemand.Include:consumption,investment,governmentspendingandexportsminusimports.TheaggregatedemandcurveTheaggregatedemandcurv
7、eslopesfromlefttoright.Ashiftmaybeduetoafactorsuchasanincreaseordecreaseinconsumerconfidence.2.2.2AggregatesupplyTheaggregatesupplyreferstotheabilityoftheeconomytoproducegoodsandservices.TheaggregatesupplecurveTheaggregatesupplycurveslopesupwardsfr
