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Overview of Macroeconomics

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1 Overview of Macroeconomics
IB Economics

2 Micro vs. Macro Microeconomics Macroeconomics Study of MICRO issues
P Microeconomics Study of MICRO issues Behavior of Firms and households Particular Market Large industry (e.g. Steel) Resource Market Q Macroeconomics Study of WHOLE economy Output of all industries Total employment of whole country Economic growth

3 Macroeconomic Policy Objectives
Economic Growth Overall increase in Goods & Services-improving Standard of Living Economic Development Standard of Living of almost all of population improve Full Employment Price Stability External Equilibrium Balance of payments (Trade)

4 Government Focus for Macro Issues
Short-term Domestic issues: Unemployment & inflation External Issues: Balance of Payments and exchange rates Long-term issues: Economic growth and development

5 Defining GDP Final market value of all goods and services produced within a country, within a given year. 3 Ways to measure GDP: Value added Circular flow of income Expenditure or output IB more focused here

6 Macroeconomic Economy Income Approach – Circular Flow
Resource Markets Government Firms (a.k.a. Businesses) Households Product Markets

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