B200.F09.W10.Macro.Clsnts

B200.F09.W10.Macro.Clsnts - BUAD200 Fall 2009 Week 10...

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BUAD200 Fall 2009 Week 10: October 26-28, 2009 Classnotes Review: 1. Microeconomics : So far in the course we have been focusing on microeconomics: The study of how households and firms make decisions and interact in markets. 2 . Macroeconomics is the study of the economic system, the role of government, including inflation, unemployment and economic growth. New: 3. Goals of the Economy: A. High, steady rate of growth in Real GDP B. Low unemployment C. Stable Prices (low inflation) D. Stable Interest Rates E. Stable Financial Markets F. Stable Exchange Rates 4. Measuring a Nation’s Income and Output (Chapter 15) A. Gross Domestic Product : In the circular-flow diagram of the economic system, the flow represents total production and exchange . Gross Domestic Product (GDP) = The total dollar value, at current market prices of the final goods and services produced domestically in a one year time period . Year end 2008: $14, 265 billion. 1 st Qtr 09: declined by 6.4% annualized rate. 2 nd
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B200.F09.W10.Macro.Clsnts - BUAD200 Fall 2009 Week 10...

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