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

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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.
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