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    Macroeconomics
    Macroeconomics
    Macroeconomics
    Ebook68 pages28 minutes

    Macroeconomics

    By BarCharts, Inc.

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    About this ebook


    A better understanding of how the economy works in general is crucial for established businesses, start-ups and students of economics. This 3-panel (6-page) guide, jam-packed with up-to-date information, examines macroeconomics in great detail.
    LanguageEnglish
    PublisherBarCharts, Inc.
    Release dateNov 30, 2009
    ISBN9781423212188
    Macroeconomics

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    • 5/5
      Good summary of macro economics. Short summary of the most important concepts.

    Book preview

    Macroeconomics - BarCharts, Inc.

    MACROECONOMICS

    OVERVIEW

    Economics : The study of how scarce resources are allocated among competing uses.

    Macroeconomics : The study of economic aggregates such as national production and the price level.

    Key Economic Questions Include :

    What is produced?

    How is it produced?

    Who gets what is produced?

    PRODUCTION POSSIBILITY FRONTIER: The alternative combinations of final goods and services that could be produced in a given time period with all available but limited resources and technology.

    Illustrates opportunity cost: Obtaining more production of one good requires a reduction in the production (lost opportunity) of one or more other goods.

    Law of increasing opportunity cost means that obtaining more of a good requires giving up ever larger amounts of the alternative good. This economy produces only two goods (X, Y). Points on the curve (A, B, C, D) represent different combinations of the two goods when all resources are used (full employment of resources). If the allocation is inside the curve, some resources are not used or used inefficiently.

    Explanation: This concave production possibilities frontier shows the law of increasing opportunity cost. Moving down the curve means this economy is producing more of X and less of Y. At point A, the economy produces 14 units of Y and zero X. At point B, 100 units of X are now produced. To do this, one unit of Y is given up. To produce the next 100 however, Y production drops from 13 to 10, meaning three units of Y are given up (point C). Finally, to produce an additional 100 units of X, 10 units of Y have to be given up(point D). It became more and more expensive to produce the same units of X.

    Expanding frontier: Increases in resources and technological advances.

    HOW CHOICES ARE MADE:

    Market mechanism: Market-determined prices solve surpluses and shortages, and owners allocate resources to take advantage of highest monetary rewards.

    Command economy: Central authority allocates resources to achieve goals.

    Mixed: Economy that uses both market and non-market signals to allocate goods, services and resources.

    MACROECONOMICS

    SUPPLY & DEMAND DEMAND

    Demand Curve (Schedule): A curve

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