Basis of Macroeconomics Notes

Abstract

Includes: 3.1. Measuring Economic Activity and Illustrating its Variations - National Income Accounting as a Measure of Economic Activity - Approaches to National Income Accounting - Nominal GDP and Nominal GNI - Real GDP and Real GNI - Business Cycle - Alternative Measures of Well-Being 3.2. Variations in Economic Activity - AD and AS - Aggregate Demand - Determinants of Aggregate Demand Components - Aggregate Supply - Macroeconomic Equilibrium in the Short Run - Equilibrium in the Long Run - Assumptions and Implications of the Models 3.3 Macroeconomics Objectives - Economic Growth in the Short- and Long-Run - Low Unemployment - Causes of Unemployment, Costs, and Solutions - Inflation and Its Causes - Deflation, Disinflation and Its Costs - Relative Costs of Unemployment Versus Inflation