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chapter_4 - Warning The purpose of these lecture notes is...

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Warning: The purpose of these lecture notes is just to aid you in studying, and they are not designed to replace the textbook or the lectures. Technical problems with the web site do not absolve you of responsibility for lecture material. If you choose to skip a lecture and rely on the web site lecture notes, you do so at your own risk. For tests and exams you are responsible for all material covered in lecture, including material on the chalkboard and overhead projector. If you missed a lecture, be sure to get the complete lecture notes from another student . Chapter 4 Measuring National Economic Activity and Performance Macroeconomics as the study of the whole national economy Three main indicators of macroeconomic activity and performance The basic national income accounting framework The circular flow of outputs and incomes Macroeconomics Fiscal policy Monetary policy Output growth, unemployment rate, inflation. Three main indicators of Macroeconomics Output, price and employment- 3 main indicators of macroeconomic activity and performance Output-the total quantity of good and services produced Price-the price level is the weighted average of the market prices of all final goods and services produced Employment-number of jobs involved -Gross domestic product (GDP) The total market value of final goods and services produced within an economy in a given year.
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