Menu_23_Mar_11

Menu_23_Mar_11 - TODAYS MENU: Wednesday 23 March 2011 I....

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TODAY’S MENU: Wednesday 23 March 2011 I. BUSINESS A. Practice Problems 1. Chapter 24: 1, 2, 4, 5, 7-10, 12, 13, 15, 17 II. SUBSTANCE macroeconomics -cannot observe because it is going on in the entire nation -understand the macro economy because we cant physically see it—aggregation (adding things together: we have to collect data and analyze it, then interpret it) A. Economic Growth 1. Definition -say economy is growing if it is producing more stuff at a given time than in a previous period 2. Measure -percent change (in real gross domestic product—GDP) 3. Major Issue: Fluctuations over time (not constant) a. Long Run: Changes in Productivity -calendar time (over decades) -talking about thousands of years -changes in productivity (per worker, per hour) -average between 2 ½ - 3% rate (month to month, quarter to quarter, etc) b. Short Run: Business Cycle -periods of short run (cycle implies change) -some periods from year to year grows at or above long run c. Recession, Depression, Expansion
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Menu_23_Mar_11 - TODAYS MENU: Wednesday 23 March 2011 I....

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