Unit 4 macro eco
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Unit 4 of macroeconomics covers several key topics: 1. It introduces macroeconomics and how it emerged as a separate field due to the Great Depression. John Maynard Keynes' work in 1936 was influential in establishing macroeconomics. 2. Keynesian theory states that employment is determined by effective demand and other aggregate factors. However, economies can experience inflationary or deflationary gaps that prevent full growth. 3. Macroeconomics examines the overall output, employment, prices, and trade of a nation. It considers both static and dynamic economic conditions and models like aggregate supply and demand functions. 4. Macroeconomic problems that arise include unemployment, poverty, inflation,
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- The emergence of macroeconomics in response to the Great Depression of the 1920s-1940s and John Maynard Keynes' influential publications.
- Keynesian theories about employment, income, effective demand, and inflationary/deflationary gaps that prevent economic growth.
- Definitions of macroeconomics and concepts like aggregate supply/demand functions, consumption, investment, and the circular flow of money in different economic sectors.
- Differences between static and dynamic economies and factors that influence employment, output, prices, technology, and other macroeconomic indicators.
Macroeconomics.pptx
Macroeconomics studies aggregate economic quantities such as growth, inflation, and unemployment across entire markets and national economies. The document outlines several key aspects of macroeconomics including its focus on economy-wide phenomena, its main areas of research, major schools of thought, differences from microeconomics, features such as giving an overall view of the national economy, and examining important macroeconomic issues like employment, inflation, and economic growth.
unit 1 macroeco.pptx
Macroeconomics deals with the aggregate output, consumption, investment, employment and prices of an entire economy. It analyzes the performance and structure of national, regional and global economies as a whole, rather than individual markets.
Three major concerns of macroeconomics are national income, inflation and unemployment. National income refers to the total value of goods and services produced in a country. Inflation is a sustained increase in price levels, while unemployment occurs when people are unable to find work.
The key measures of national income include GDP, GNP, NDP and NNP. GDP is the total value of final goods and services produced domestically in a year, while GNP includes domestic output plus income earned
Macro Economics
Macroeconomics studies the overall economy and aggregates like total output, income, employment and prices. It examines how the whole economy behaves, including why economic activity rises and falls. Macroeconomists analyze indicators like GDP, unemployment, inflation, interest rates, stock markets and exchange rates. GDP measures the total value of final goods and services produced domestically in a year. Other key concepts include consumption, investment, and the relationship between gross domestic product, gross national product, net domestic product and national income.
Introduction to-macro-economics-1230389248424019-2
This document provides an introduction and overview of macroeconomics. It defines key concepts in macroeconomics like stocks and flows, equilibrium and disequilibrium. It outlines the development of macroeconomics from classical economists to Keynes and modern macroeconomics. It also discusses the goals of macroeconomic policy like full employment and price stability. The document concludes by discussing tools used in macroeconomic policy including fiscal policy and monetary policy.
Macro I Chapter one.pptx
Macroeconomics is the study of the overall economy, including factors like total output, income, unemployment, inflation, and economic growth. It examines how the whole system works and the effects of policies on outcomes. The document traces the evolution of macroeconomic thought from classical to Keynesian to new classical schools. Classical economists believed markets always clear on their own, while Keynes argued governments need policies to boost demand and employment during recessions. Modern macro draws on different schools but remains an imperfect science for predicting crises and their effects.
AAE 321 Lesson 1.1.pdf
This document provides an introduction to macroeconomics, including:
- Defining macroeconomics as the study of an overall economy and its aggregates, rather than individual units.
- Describing key macroeconomic variables such as output, unemployment, prices, and objectives like economic growth, full employment, and price stability.
- Explaining the importance of learning macroeconomics by how the overall economy impacts society's well-being and individuals, and how it influences politics and current events.
Bba 2 be ii u 1.1 introduction to macro economics
This document provides an introduction to macroeconomics by outlining key topics and issues addressed in macroeconomics. It discusses what macroeconomics studies, including long-run economic growth, business cycles, unemployment, inflation, and the effects of international trade. It also examines macroeconomic theories like classical and Keynesian approaches. Government macroeconomic policies, including fiscal and monetary policies, are introduced as tools that can potentially influence economic performance.
Bba 2 be ii u 1.1 introduction to macro economics
This document provides an introduction to macroeconomics. It discusses that macroeconomics examines the structure and performance of national economies and the policies that governments use to affect economic outcomes. It addresses what determines economic growth, causes of economic fluctuations and unemployment, inflation, the effects of globalization, and whether government policies can improve the economy. It also discusses different economic theories and approaches, such as classical and Keynesian, and how the field has evolved over time to incorporate elements of both.
economics
Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.
Lesson 1. fundamentals
This document provides an introduction to economics, including definitions of key terms and concepts. It describes economics as dealing with scarce resource allocation to meet human needs and wants. It outlines the branches of microeconomics and macroeconomics. It also discusses the positive and normative views in economics and assumptions made in the study of economics, such as limited resources and unlimited wants. A brief history of economic thought is also presented, covering classical, neoclassical, Marxist, and Keynesian schools of thought. Finally, it outlines the three basic economic problems of what, how, and for whom to produce goods and services.
Unit -4 (1).pptx
A mixed economy combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while suffering from few disadvantages. A mixed economy protects private property and allows market forces to determine prices but also allows government intervention to care for vulnerable groups and prioritize certain industries. Successful mixed economies can experience the benefits of efficiency and innovation as well as social protections. However, too much emphasis on any one system can lead to imbalances.
intro to macro.ppt
This document provides an overview of macroeconomics. It defines macroeconomics as the study of aggregate economic quantities, such as national income, output, consumption, investment, unemployment and price indices. It outlines the development of macroeconomics from classical economists to Keynes and modern macroeconomic schools of thought. It describes key macroeconomic concepts like equilibrium, stocks and flows. It also explains important macroeconomic goals like full employment and price stability. Finally, it discusses macroeconomic policies like fiscal and monetary policy and their tools, as well as the circular flow of income in closed, open and two-sector economies.
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Introduction to macroeconomics
Macroeconomics deals with the economy as a whole, examining aggregates like total income, output, employment and prices. It emerged as a separate field of study due to Keynes' analysis of the Great Depression when existing theories failed to explain high unemployment. The circular flow model illustrates how income and spending circulate between producers and consumers in an economy.
MAC1.pptx
Gross domestic product (GDP) is used to measure the size and output of a country's economy. GDP counts the total value of all goods and services produced within a nation's borders in a given year. It includes private consumption, investment, government spending, and net exports. GDP is commonly used to compare the relative economic performance of different countries and see how a country's economy is growing or contracting over time by adjusting for inflation.
macroeconomics- 1.pptx
Macroeconomics deals with aggregate economic quantities, like growth, unemployment and inflation. It analyzes data on indicators like GDP, inflation and unemployment. Governments use fiscal, monetary and supply-side policies to influence the macroeconomy and achieve goals of growth, employment and price stability. These policies target aggregate demand and supply through measures like government spending, taxation, interest rates and money supply.
Chapter 1.ppt
This chapter introduces macroeconomics and the key topics studied by macroeconomists. It discusses what macroeconomics involves, including analyzing factors that influence long-term economic growth, fluctuations in economic activity, unemployment, inflation, and the effects of globalization. It also explores macroeconomic policies governments can use to impact the economy and different schools of macroeconomic thought, such as classical and Keynesian approaches. The chapter provides an overview of macroeconomics as a field of study.
Chapter 1 (2).ppt
This chapter introduces macroeconomics and the key topics studied by macroeconomists. It discusses what macroeconomics involves, including analyzing factors that influence long-term economic growth, fluctuations in economic activity, unemployment, inflation, and the effects of globalization. It also explores macroeconomic policies governments can use to impact the economy and different schools of macroeconomic thought, such as classical and Keynesian approaches. The chapter provides an overview of macroeconomics as a field of study.
Introduction to macroeconomics
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of factors that determine aggregate production, employment, prices and their changes over time in an economy. Key aspects covered include the classical and Keynesian views of macroeconomics, macroeconomic variables, models and approaches used in analysis. Important macroeconomic issues discussed are achieving economic growth, preventing business cycles, controlling inflation, unemployment, budget deficits, and managing international economic issues.
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Introduction to-macro-economics-1230389248424019-2
Introduction to-macro-economics-1230389248424019-2
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Unit 4 macro eco
- 2. Introduction • Great depression of 1920-40 has brought the significance of creating Macro Economics. • Macro Economics as a separate branch of Economics came in 1936 by John Keynes publications. • It led for the emergence of Keynesian revolution to meet the need of modern day economies.
- 3. Keynesian Theory • It states that employment is a function of income. • Employment & Income is determined by the level of effective demand, national income, interest rates, consumption etc… • But in a country, inflationary & deflationary gaps exists which prevents the growth of economy.
- 4. Inflationary & Deflationary Gap • Inflationary gap occurs when consumption & investment expenditures are greater than the full employment, this gap arises. • Here consumer demand for goods & services are greater than its supply. • Hence under this condition NI, output, employment cannot be increased further. • Where as Deflationary Gap occurs when total demand fails to create full employment.
- 5. Macro Economics • Samuelson defines Macro Economics as “the study of thee behaviour of the economy as a whole. It examines the overall level of a nation’s output, employment, prices and foreign trade”. • In simple words, Macro economics theory is the theory of income, employment, prices and money.
- 6. Static & Dynamic economies • In a Static economy, normal economic activities go on but there is no change in the size of economy, national output, stock of capital, prices, technology, population taste & preferences, nature of business & employment. • In a Dynamic economy, the country will always be in motion, forces of change are instant & simultaneous.
- 7. Employment model • The classical employment model consists of two components. They are: 1. Aggregate production function 2. Labour supply & demand function • These components display the real output & employment required to produce equilibrium level of national output under the given money supply.
- 8. Aggregates under Keynesian model • Aggregate supply function • Aggregate demand function • Aggregate consumption function • Aggregate saving function • Investment
- 9. • Aggregate supply function is the total supply of goods in the economy. In SR, it is the function of number of labour reqd for prodn. • Aggregate demand function depends on demand for consumer goods & investment goods in a two sector economy. • Aggregate consumption function is the consumption expenditure of household depends upon the income of the household. • Investment happens in the three sector economy.
- 10. Circular flow of money • Flow of money can happen in different sectors of the economy. They are: 1. Two sector economy – consists of Firms & households. 2. Three sector economy – consists of Firms, households & Government. 3. Four sector economy – Firms, households, Government & International markets.
- 11. Theory of Interest • Interest is the opportunity cost of holding money. • It is the premium which has to be offered to induce people to hold their wealth in some form other than hoarded (accumulated) money. • Rate of interest is determined by demand for and supply of money. • The desire of people to hold money is called liquidity preference. • Money is held for meeting various transaction, precautionary and speculative motives.
- 12. Macro economic problems • Overall Growth rate of the economy • Unemployed labour force • People living below poverty line • Inflation • Balance of payment • Fiscal & monetary policies • Industrial development • Balanced sectoral development etc..