Macroeconomic Questions

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Presentation transcript:

Macroeconomic Questions Why does output fluctuate? What determines economic growth? Why do we have unemployment, and why is unemployment a problem? Why do we have inflation, and why is inflation a problem? Which governmental policy affects output, growth, unemployment, and inflation? How do changes in the amount of money in the economy affect output, growth, unemployment and inflation? How do domestic economic activities affect other counties and our trade? Unit 2 : Macroeconomics National Council on Economic Education

Real GDP 1952-2001 (in billions of 1996 dollars) Unit 2 : Macroeconomics National Council on Economic Education

Circular Flow Unit 2 : Macroeconomics National Council on Economic Education

Macroeconomic Goals Full Employment Price Stability Economic Growth Unit 2 : Macroeconomics National Council on Economic Education

Definitions of Employed, Unemployed and Unemployment Rate Employed = everyone currently working, including part-time workers Unemployed = people looking for work or temporarily laid off from work Unemployment Rate = unemployed labor force Labor force = employed + unemployed Labor force participation rate = labor force population aged 16 and older Unit 2 : Macroeconomics National Council on Economic Education

Other Employment Concepts Types of Unemployment Frictional Unemployment Structural Unemployment Cyclical Unemployment Other Employment Concepts Natural Rate of Unemployment Full Employment Unit 2 : Macroeconomics National Council on Economic Education

Phases of the Business Cycle Unit 2 : Macroeconomics National Council on Economic Education