Introduction to macroeconomics
conditions in financial markets; this in turn affects spending on goods and services.
Key Concepts
· Macroeconomics gross domestic product (GDP)
· trend
· economic growth
· business cycle
· unemployment rate
· labour force
· labour
· capital factors of production
· labour share
· index, index number
· inflation
· hyperinflation
· capacity utilization
· procyclical and countercyclical
· real economy
· monetary economy
·
· laissez-faire versus interventionism
· aggregate demand
· management price level
· co-ordination failures
· Keynesian revolution
· demand side
· economic agents
· fiscal policy
· monetary policy
· supply side
· exchange rate
· endogenous
· exogenous
· positive and normative economics
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