10-21 notes

10-21 notes - TODAYS MENU Wednesday 21 October 2009 I...

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TODAY’S MENU: Wednesday 21 October 2009 I. BUSINESS A. Practice Problems 1. Chapter 22: 1-4, 7-16, 19, 20 Remember only 5 lectures and 2 labs before the next exam If clicker lab grade is not what you think it should be there could be 3 issues that you should check: 1. Clicker may not be registered 2. Clicker you are using isn’t the number that you did register 3. Clicker is working (battery is dead) or you registered the wrong number II. SUBSTANCE Macro-economics – harder to study because it is big, you can’t observe it directly because in a sense it doesn’t “exist” in the same way that microeconomics does. So we observe it by collecting data on performance measures and analyze the change and the magnitude of the change So the key to Macro is the data and the interpretation of the data. There are 3 major factors to look at in Macro: Economic Growth, Unemployment and Inflation A. Economic Growth – problem is that this fluctuates over time and that creates problems 1. Definition – if the economy is producing more goods and services in one period than in the previous period then it is a period of economic growth. The major determinant of economic growth is change in productivity (output per worker per hour) 2. Measure – change in gross domestic product (GDP), most economic growth factors are in terms of the business cycle 3. Major Issue: Fluctuations over time a. Long Run: Changes in Productivity – long run is decades or centuries b. Short Run: Business Cycle – shorter periods of time and is
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10-21 notes - TODAYS MENU Wednesday 21 October 2009 I...

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