Macroeconomics plus MyEconLab plus eBook 1-semester Student Access Kit (6th Edition)

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 304 Sonoma State University Fall 2007 Dr. Robert Eyler Lecture #1 Introduction to Macroeconomics Macroeconomics is about aggregate markets, growth and business cycles. a. It is also about the policies used and implications of recession and booms b. It is also about country-wide decision making on trade and finance internationally. c. It is about theories of consumers and firms interacting at the aggregate level. d. It is about theories of growth and how economies optimally grow. Growth rates of economies seen as a major indicator of long run performance a. The growth rate is the percentage change in real GDP, for example. b. The book seems to concentrate on GNP, which is just GDP adding back the net factor income from abroad. c. This, in many ways, defines the business cycle. Structure of a macroeconomic model: 1. Consumers and firms that interact 2. Goods available 3. Consumer preferences (utility functions) 4. Technology used by firms 5. Resources available to the economy to produce goods. 6.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

lect1 - Econ 304 Sonoma State University Fall 2007 Dr....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online