TAILIEUCHUNG - Lecture Issues in economics today - Chapter 7: Every macroeconomic word you have ever heard: gross domestic product, inflation, unemployment, recession and depression

In this chapter students will be able to: Define the basic vocabulary of macroeconomics, describe how the economy is measured; describe how gross domestic product, our national measure of output, is calculated; calculate inflation using a price index; describe real gross domestic product as the inflation-adjusted value of economic activity and judge its use as the measure of the economy’s health;. | Chapter 7 Every Macroeconomic Word You Have Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession and Depression Chapter Outline Measuring the Economy Real Gross Domestic Product and Why it is Not Synonymous with Social Welfare Measuring and Describing Unemployment Business Cycles Microeconomics vs. Macroeconomics Microeconomics: that part of the discipline of economics that deals with individual markets and firms Macroeconomics: that part of the discipline of economics that deals with the economy as a whole Gross Domestic Product Gross Domestic Product: the dollar value of all of the goods and services produced for final sale in the United States in a year “Final Sale” avoids double counting of intermediate production “Sale” implies exclusively market activities “producedin the United States” implies that Hondas produced in the US count but Fords produced in Mexico do not. Measuring Prices Market Basket: what average people buy and in what quantities they buy it .

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• Issues in economics today
• Lecture Issues in economics today
• Macroeconomic issues
• International issues
• Price control issues
• Gross domestic product
• Economics of crime
• Economics of children
• Opportunity cost
• Prescription drugs
• Demand model
• Elasticity of demand
• Firm production
• Perfect competition
• Federal spending
• Fiscal policy
• Monetary policy
• Flaws in the CPI
• International trade
• International monetary fund
• Trade agreements
• Economic model
• Environmental problems
• Economic models of health care
• Medicaid costs
• Public insurance
• Human capital
• Measuring poverty
• Social security
• Head start