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Detailed Macroeconomics Notes Based on Chapters and Weekly Lectures
ECON110 - Macroeconomic Principles
1 Found helpful • 25 Pages • Complete Study Notes • Year: Pre-2021
chapter 1 Macroeconomics focuses on the whole economy; that is, the whole national economy or even the whole world economy. Macroeconomics is a social science which studies the behaviour of large aggregates. Microeconomics studies the behaviour of individual firms and households, or specific markets (such as the market for movies, or the university graduate market). It looks at relatively small parts of the economy. ceterus paribus- holding other things constant. This is to make analysis manageable. positive economics- about how the economy works in fact and focuses on the realm of facts. for example what is or what would happen in response to a new policy or change and what would happen in the future. Positive economics tries to explain why growth happens. positive economics is about whether a policy method is likely to be effective. normative economics- whether we approve of these economic processes and the resulting outcome. this is more of the opinion side. normative economics goes further to recommend policies that encourage a desired amount of growth. Real gross domestic product (real GDP) is the most common measure of total output. GDP is the total value of all goods and services produced in the economy during a specified period of time, such as a year or a quarter. The total value of output is the sum of the price of each good or service times the quantity of each produced.
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