Macroeconomics Notes 1-17-08

Macroeconomics Notes 1-17-08 - Macroeconomics Notes 1/17/08...

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Macroeconomics Notes 1/17/08 - Society has many parts, one of which is the economy - Why should we be concerned with how the economy is doing? o People looking to get jobs o Investors—what do they look for? Economic, political, and social stability A growing economy Low unemployment rate Safety of investment a rule of law - Inflation: means the purchasing power of a country is going down (Zimbabwe has an inflation rate of 11,000%) - Two branches of economics o Macroeconomics deals with the whole economy Household sector (consumers) Business sector (producers) Foreign trade (“external”) sector (imports and exports, relationship with other nations) Government sector o Microeconomics deals with the sectors that make up the whole economy - When you talk about society, you talk about people in that society who have wants o People have unlimited wants; to satisfy these wants, society must produce goods and services o To produce these goods and services, you need resources, or “factors of
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Macroeconomics Notes 1-17-08 - Macroeconomics Notes 1/17/08...

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