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Econ102January23 - Econ 102 MacroEcon study of...

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Econ 102 January 23, 2008 MacroEcon: study of determination of economic aggregates and how they relate to each other and how government and the exogenous environment affects these aggregates Macro examines the factors that determine: Total national output, or total national product Total national income Interest rate levels Production: GDP, output by sectors, investment, growth of output Prices: Consumer and producer prices, rates of inflation Income: total wages and salaries, profits, national savings Employment: total # jobs, unemployment rates Recession: National Bureau of Economic Research decides on recessions (NBER) - Significant decline in economic activity spread across economy lasting moths seen in GDP, income, sales, etc - Begins at trough, lasts until peak when expansion begins - Most are rare - Tell tale sign- two consecutive quarters of decline in GDP (Gross Domestic Products) (6 months) - Upside of recessions: if US experiences recession, it might be okay for the rest
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