Measuring Macroeconomic Outcomes: Chapters 6 and 7) (“Economics” – How can we measure/observe macroeconomic outcomes of a society? There is tremendous variability in regards to macroeconomic outcomes across countries Further, it is NOT the case that there are simply of and “extremes” “haves” “have nots” Rather, the actual values of most measures of economic outcomes vary continually across countries Recall our definition of macroeconomics… Macroeconomics the branch of economics which studies – the functioning and performance of a society’s economy as a whole (often with a focus on levels of and changes in aggregate measures such as the unemployment rate, inflation rate, and Gross Domestic Product growth rate). When observing macroeconomic outcomes, the focus is often on values in value over “current of” or “changes measures such as time in” “inflation rate,” and “unemployment rate,” “GDP.” Gross Domestic Product (GDP) the total market value – of final goods and services produced within an economy in a given year.
Measuring Macroeconomic Outcomes: (“Economics” – Chapters 6 and 7) How can we measure/observe macroeconomic outcomes of a society? There is tremendous variability in regards to macroeconomic outcomes across countries Further, it is NOT the case that there are simply “extremes” of “haves” and “have nots” Rather, the actual values of most measures of economic outcomes vary continually across countries Recall our definition of macroeconomics… Macroeconomics – the branch of economics which studies the functioning and performance of a society’s economy as a whole (often with a focus on levels of and changes in aggregate measures such as the unemployment rate, inflation rate, and Gross Domestic Product growth rate). When observing macroeconomic outcomes, the focus is often on “current values of” or “changes in value over time in” measures such as “inflation rate,” “unemployment rate,” and “GDP.” Gross Domestic Product (GDP) – the total market value of final goods and services produced within an economy in a given year.
06_MeasuringMacroOutcomes_Overhead%20Slides.docx