L1A - Introduction Introduction • The Great Depression...

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Unformatted text preview: Introduction Introduction • The Great Depression – In the U.S.: • Factories cut production 31% • Number of people without jobs nearly tripled by 1933 when the unemployment rate hit 25% • Stocks lost a third of their value in 3 weeks Introduction • The Great Depression – The cause: • The stock market? • Failure of capitalism/market economy? • Poor economic planning? Introduction • Financial Tsunami Last for more than 19 months (Dec 2007 to June 2009) Real GDP decreased about 5% Unemployment rate reached 10.1% in Oct. 2009 Introduction • Financial Tsunami – The cause: • The stock market? • Failure of capitalism/market economy? • Poor economic planning? The Major Macroeconomic Issues • Economic Growth – A process of steady increases in the quantity and quality of the goods and services the economy can produce Output of the U.S. Economy, 1900-2004 In 2004 output of the U.S. economy was: • 33 times the 1900 level • 6 times the 1950 level 香香香香香香 2009-11-04 香香香香香香香香香香香香香香香香香香香香香香香香香香香 115 香香香香香香香香香香香香香香香香香香 香香香香香香香香香香香香香香香香香香香香香香香香香香香 Thermal Pollution 香香 香香香香香香香香香香香香香香香香香香香香香香香 The Major Macroeconomic Issues • Productivity – In 2004 the average U.S. worker could produce six times more than in 1900. – Average labor productivity: worker employed per output employed people of Number output Total = Output per Person and per Worker in the U.S. Economy, 1900-2004 In 2004: • Output/person was 8 times the 1900 level • Output/worker was 6 times the 1900 level The Major Macroeconomic Issues...
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This note was uploaded on 02/20/2012 for the course ECON 798 taught by Professor Jjk during the Spring '12 term at Abraham Baldwin Agricultural College.

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L1A - Introduction Introduction • The Great Depression...

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