Unit 2 : Macroeconomics National Council on Economic Education Macroeconomic Questions Why does output fluctuate? What determines.

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Unit 2 : Macroeconomics National Council on Economic Education 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 (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 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