The Meaning of Macroeconomic Performance By the end of this session, you:By the end of this session, you: –Must know definitions for AD and AS. –Must know.

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Presentation transcript:

The Meaning of Macroeconomic Performance By the end of this session, you:By the end of this session, you: –Must know definitions for AD and AS. –Must know how macroeconomic performance is measured. –Must understand the difference between a negative output gap and a positive output gap. –Should understand how the issues arising from output gaps can be resolved. –Could be able to evaluate the effectiveness of different policies to deal with output gaps.

Macroeconomics Macroeconomics considers the economy as a whole eg the quantity of goods and services produced by all businesses and the government sector. Macroeconomics also studies relationships between one country and another.Macroeconomics considers the economy as a whole eg the quantity of goods and services produced by all businesses and the government sector. Macroeconomics also studies relationships between one country and another.

Main Sectors of UK Economy 1.Households 2.Firms 3.Government 4.International sector

Macroeconomic Performance 1.Real standards of living 2.Employment levels 3.Price levels 4.Trade balance 5.Growth 6.Public service provision 7.Environmental impact

The Meaning of Macroeconomic Performance By the end of this session, you:By the end of this session, you: –Must know definitions for AD and AS. –Must know how macroeconomic performance is measured. –Must understand the difference between a negative output gap and a positive output gap. –Should understand how the issues arising from output gaps can be resolved. –Could be able to evaluate the effectiveness of different policies to deal with output gaps.