Introduction to Macroeconomics

But it is not easy as it looks: For example

• Why did resource-poor Japan and Korea experience growth rates that transformed them in a generation or two from war-torn nations into industrial powers,
• Lotin Amerikasining tabiiy boyliklarga boy bo'lgan bir necha davlatlari so'nggi o'n yilliklarda notekis yoki hatto salbiy o'sishga erishmoqdalar?

LONG-RUN ECONOMIC GROWTH

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Issues Addressed by Macroeconomics

Rates of Growth of Output

• Rates of growth of output (or output per worker) are determined by:
• rates of saving and investment;
• rates of technological change, and
• rates of change in other factors that help increase the productivity of machines and workers .

LONG-RUN ECONOMIC GROWTH

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A business cycle is a cycle of fluctuations in the Gross Domestic Product (GDP) around its long-term natural growth rate.

• It explains the expansion and contraction in economic activity that an economy experiences over time.

BUSINESS CYCLE
Issues Addressed by Macroeconomics

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MACRO…
BUSINESS CYCLE
Issues Addressed by Macroeconomics

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BUSINESS CYCLE
Issues Addressed by Macroeconomics

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BUSINESS CYCLE
Issues Addressed by Macroeconomics

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In Brief,

Business cycles are short-run contractions and expansions of economic activity.

• The most volatile period in the history of Canadian output was between 1914 and 1945.