macro study guide - What to study: standard of living: The...

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What to study: standard of living : The degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable growth of total output recession vs. expansion : Slowdowns in economic growth are called recessions while periods of rapid economic growth are called expansions. Recessions, if extreme enough, can result in a depression. Unemployment and inflation (which one occurs during recessions or expansions): Unemployment rate: the fraction of people who would like to be employed but can’t find work. Unemployment rises during recessions. Inflation: the rate at which prices in general are increasing over time. Unemployment rate: The number of unemployed people divided by the labor force (The total number of employed and unemployed people in the economy) Inflation rate : The annual percentage rate of change in the price level, as measured, for example, by the CPI Macroeconomic topics : Economic growth and living standards, productivity, recessions and expansions, unemployment, inflation, and economic interdependence among nations. The study of the performance of national economies and of the policies governments use to try to
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This note was uploaded on 04/07/2008 for the course ECONOMICS ECO-2013-3 taught by Professor Cassidy during the Spring '08 term at Valencia.

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macro study guide - What to study: standard of living: The...

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