Introduction to Macroeconomics


Recession is the downward phase of a business cycle when national output is falling or growing slowly



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Recession is the downward phase of a business cycle when national output is falling or growing slowly.

  • Hard times for many people
  • A major political concern

  • BUSINESS CYCLE
    Issues Addressed by Macroeconomics

    Intro…

    Intro…


    MACRO…

    Recessions are usually accompanied by high unemployment:

      • the number of people who are available for work and are actively seeking it but cannot find jobs.
      • Along with growth and business cycles, the problem of unemployment is a third major issue in macroeconomics.
      • The best measure of unemployment is -

        The unemployment rate can stay high even when the economy is doing well.

      • After nine years of economic growth, in 2000, the unemployment rate in U.S. was about 4%.

    UNEMPLOYMENT
    Issues Addressed by Macroeconomics
    is often used as a measure of the health of the economy. 

    Intro…

    Intro…


    MACRO…
    BUSINESS CYCLE
    Issues Addressed by Macroeconomics
    Why the unemployment rate can remain fairly high even when the economy as a whole is
    doing well?

    Intro…

    Intro…


    MACRO…

    When prices of most goods and services are rising over time it is inflation.

      • When they are falling it is deflation.
      • The inflation rate is the percentage increase in the average level of prices.

      • If the inflation rate in consumer prices is 10% per year, for example, then on average the prices of items that consumers buy are rising by 10% per year.
      • Effects of Inflation
        • When the inflation rate reaches an extremely high level, with prices changing daily or hourly, the economy tends to function poorly.
        • High inflation also means that the purchasing power of money erodes quickly. This situation forces people to scramble to spend their money almost as soon as they receive it.


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