ch1_outline - Macroeconomics Chapter 1 Introduction to...

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Macroeconomics Chapter 1 Introduction to Macroeconomics I. What macroeconomics is about a. The study of the structure and performance of national economies and of the policies that governments use to try to affect economic performance b. Long-run economic growth i. The difference between rich nations and developing nations is that rich nations have at some point experienced extended periods of rapid economic growth. Poorer nations either have never experienced sustained growth or have had periods of growth offset by periods of economic decline ii. Long-term growth of US is result of rising population and an increase in the amount of output that can be produced with a given amount of labor iii. Average labor productivity: the amount of output that can be produced per unit of labor input c. Business cycles i. During the Great Depression the output of the US economy fell by nearly 30%; during WWII, output doubled ii. Business cycle is the short-run contractions and expansions in economic activity d. Unemployment i.
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ch1_outline - Macroeconomics Chapter 1 Introduction to...

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