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What is macroeconomics about?

Professor Lowenberg Office: JH 4238 Phone: 818-677-4516 anton.lowenberg@csun.edu http://www.csun.edu/~vcecn00h/. What is macroeconomics about?. 1. Aggregate economic performance Standard of living : How much wealth do we produce?.

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What is macroeconomics about?

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  1. Professor LowenbergOffice: JH 4238Phone: 818-677-4516anton.lowenberg@csun.eduhttp://www.csun.edu/~vcecn00h/

  2. What is macroeconomics about? 1. Aggregate economic performance Standard of living: How much wealth do we produce? Real GDP (measures output and income)EmploymentGrowth of per capita real GDP

  3. 2. Price level Cost of living Price indexes, e.g., CPI Inflation, deflation 3. Interest rates and exchange rates

  4. Chapter 2What do we produce? 1. Consumption goods Expenditures by a household 2. Capital goods Durable goods that increase firms’ future output Expenditure on these goods is “investment”

  5. 3. Government goods and servicesPurchases by all levels of government 4. ExportsExpenditures by foreigners on domestic goods

  6. How do we produce? Output is produced by employing productive resources called factors of production. The suppliers of the factors of production are paid factor income. There are four factors of production and corresponding to each is a factor payment:

  7. Labor … Wages Capital … Interest Land … Rent Entrepreneurship … Profit

  8. The circular flow model of the macroeconomy

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