Chapter 1 Introduction
Macroeconomic variables that measure the performance of an economy
GDP (Gross Domestic Product) per capita in US right now: 42k 45k.
1. Real GDP measures the total income of everyone in the economy (adjusted for the
Chapter 4: The Monetary System
Money is the stock of assets that can be readily used to make transactions. (fiat money)
Medium of exchange
we use it to buy stuff
transfers purchasing power from the present to the
Macroeconomics is the study of the economy as a whole, including growth in incomes, changes
in prices, and the rate of unemployment. Macroeconomists attempt both to explain economic
events and to devise policies to improve economic p
Chapter 2 The Data of Macroeconomics
GDP (Gross Domestic Product)
Total expenditure on domestically-produced final goods and services.
Total income earned by domestically-located factors of production.
GDP = Value of final g
Chapter 3 National Income: Where It Comes From and Where It Goes
Outline of model
A closed economy, market-clearing model
- Actor markets (supply, demand, price)
- Determination of output/income
- Determinants of C, I,