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Introduction to Macroeconomics: Key Concepts of Economic Performance and Production

Explore the fundamentals of macroeconomics with a focus on aggregate economic performance and standard of living. Understand key metrics such as Real GDP, employment rates, and price levels. Delve into the principles governing consumption and capital goods, government expenditures, and exports. Learn about the factors of production and the circular flow model that illustrates how economic resources move through the economy. This overview provides essential insights for students and anyone interested in understanding macroeconomic dynamics.

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Introduction to Macroeconomics: Key Concepts of Economic Performance and Production

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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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