Wednesday, 4 November 2009

Introduction to Macroeconomics

Macroeconomics is different from microeconomics.
  1. You are dealing with Aggregate Supply and Aggregate Demand.
  2. Economists do not agree on how it works.
  3. You really need to know the Aggregate Demand and Aggregate Supply diagrams.
  4. In macroeconomics 'real' prices become important. 'Real' prices are prices after the inflation. AD= C+I+G+(X-M)
  5. Statistics and figures become important. GDP is the the key, not GNP.
  6. Terms to know:
  • Keynesianism
  • Monetarism
  • Supply-Side/Neo-Classical
  • Neo-Keynesian
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1 comment:

  1. chris sivewright5 November 2009 at 11:15

    Mark

    This is all unit 2 - I thought you were not doing Unit 2 until June?

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