In The News

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In The News Offbeat Indicators When the economy goes into a recession, many economic variables are affected. This article, written during the recession of 2001, gives some examples. Economic Numbers Befuddle Even the Best Economists pore over scores of numbers every week, trying to sense when the recession is over. But quirky indicators and gut instinct might […]

THE REALTY OF SHORT RUN FLUCTUATIONS

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THE REALTY OF SHORT RUN FLUCTUATIONS Do these assumptions of classical macroeconomic the apply to the world in which we live? The answer to this question is of central importance to understanding how the economy works. Most economists believe that classical theory describes the world in the long run but not in the short run. Get Any […]

THE ASSUMPTIONS OF ClASSICAl ECONOMICS

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THE ASSUMPTIONS OF ClASSICAl ECONOMICS In previous chapters, we developed theories to explain what determines most important macroeconomic variables in the long run. Chapter 25 explained’ the level and growth of productivity and real GDP. Chapters 26 and 27 explained how the financial system works and how the real interest rate adjusts to balance saving and investment. […]

EXPLAINING SHORT RUN ECONOMIC FLUCTUATIONS

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EXPLAINING SHORT RUN ECONOMIC FLUCTUATIONS Describing what happens to continues as they fluctuate over time is easy. Explaining what causes these fluctuations is more difficult, Indeed, compared to the topics we have studied in previous chapters, the theory of economic fluctuations remains controversial. In’ this and the next two chapters, we develop the model that most economists use […]

AS OUTPUT FALLS, UNEMPLOYMENT RISES

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AS OUTPUT FALLS, UNEMPLOYMENT RISES Changes in the economy’s output of goods and services are strongly correlated with changes in the economy’s utilization of its labor force. In other words, when real GDP declines, the rate of unemployment. This fact is hardly surprising: When firms choose to produce a smaller quantity of goods and services, they layoff […]

MOST MACROECONOMIC QUANTITIES FLUCTUATE TOGETHER

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MOST MACROECONOMIC QUANTITIES FLUCTUATE TOGETHER Real GDP is the variable that is most commonly used to monitor short-run changes in the economy because it is the most comprehensive measure of economic activity. Real GDP measures the value of all final goods and services produced within a given period of time. It also measures the total income (adjusted for […]

ECONOMIC FLUCTUATIONS ARE IRREGULAR AND UNPREDICTABLE

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ECONOMIC FLUCTUATIONS ARE IRREGULAR AND UNPREDICTABLE Fluctuations in the economy are often called the business cycle. As this term suggests, economic fluctuations correspond to changes in business conditions. When real GDP grows rapidly, business is good. During such periods of economic expansion, most firms find that customers are plentiful and that profits are growing. When real GDP falls […]

THREE KEY FACTS ABOUT ECONOMIC FLUCTUATiONS

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THREE KEY FACTS ABOUT ECONOMIC FLUCTUATIONS Short run fluctuations in economic activity occur’ in all countries and have occurred throughout history. As a starting point for understanding these year to year fluctuations, let’s discuss some of their most important properties. Get Any Economics Assignment Solved for US$ 55

Aggregate Demand and Aggregate Supply

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Aggregate Demand and Aggregate Supply Economic activity fluctuates from year to year. In most years, the production of goods and services rises. Because of increases in the labor force, increases in the capital stock, and advances in technological knowledge, the economy can produce more and more over time. This growth allows everyone to enjoy a higher standard of living. […]