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Econ 203 Notes Introduction to Macroeconomics (Concordia University)
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Econ 203 Notes Introduction to Macroeconomics(Concordia University)
, Econ 203
Introduction to Macroeconomics
Based on:
Principles of Macroeconomics an Open Text
By Douglas Curtis and Ian Irvine
Version 2017 – Revision B
Winter
,Chapter 4 - Key Concepts
Macroeconomics
- Studies the whole national economy as a system
- Examines expenditure decisions by households,businesses, and governments
- Examine the total flow of goods and services produced
- Examine the total flow of incomes earned
Economic Growth
- Increase in real GDP
Rate of economic Growth
- Annual percentage change in real GDP
Price Level
- Measure of the average prices of all goods produced in an economy
Price Index
- Measure of the price level in one year compared with prices in a base year
Labour Force
- Adult employment plus those not employed but actively looking for work
Employment
- Number of adults employment full-time and part-time and self-employed
Unemployment
- Number of adults not working but actively looking for work
Participation Rate
- Percent of the population that is either working or unemployed
Unemployment Rate
- Number of unemployed persons as a percentage of the labour force
Cyclical Unemployment
- Would be eliminated by higher levels of economic activity
Frictional Unemployment
- Result of the time involved in adjusting to changing labour force and employment
opportunities
Structural Unemployment
- Caused by changes in economic structure relative to labour characteristics
Natural Unemployment Rate
, - Unemployment rate at “full employment”
Employment Rate
- Percent of the population, 15 years old and over that are employed
Final Goods
- Goods are purchased by the ultimate users
Value Added
- Difference between the market value of the output of the business and the cost
inputs purchased from other business
Intermediate Inputs
- Services, materials, and components purchased from other businesses and used in
the production of final goods
Fluctuation
- Important aspects of recent economic performance in canada
- Growth rate of real GDP
- Inflation rates
- Unemployment rates
- Expenditures by households, the production of goods by businesses, and the
incomes that result are illustrated by the circular flow of real resources and money
payment
Circular Flow Diagram
- Show the flows of money payments, real resources, and goods between household
and business
-
National Accounts
- Provide a framework for the measurement of the output of the economy and the
incomes earned in the economy
Nominal GDP
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