Second Year Intermediate Macroeconomic Notes

, lecture 1A
W1
mom
unmmmuM Productivity
dropped incisively
Mmmmm
aoutput d
in most oluueloped economies
What does macro study • Employment issue fall
I
inflation
the United States the Eullli alllll
* 24-1 of would output * Common mallket
.




macro policy
A standard of
*
Giving *
Facing two main issues
*
lagging output ① Reduce unemployment manner institutions
low ② How
* too
unemployment to function efficiently
in a common
cullllencyakea
mm] * Vkllaine Nominal GDP Real app
lecture 1B
-
us .




↳ * brexit
✗ \
Aggregate of output national income & product accounts are an > sum of the quantities
accounting system used to measure offinal goods produced sum of the

aggregate economic activity multiplied by their quantities of final
GDP :
production and income avaunt paice £4T goods multiplied
InweyrafdefiningGDPmn by constant phicor
① value final gets produced
* GDP
of the in the
economy glloulthllatlb Yt

dulling given pehiod
l"t'y¥ Yeah
a ⇐

② sum at value added in the area given period
economy a


③ Sum of incomes in the
economy during a
given pelliool
Hedonic pricing goods provide a collection of challaclekistior reach with an implicit police

labour force =

employed unemployed +
unemployment people who don't have a


L
job but
looking for
=

N t u alle

one



unemployment hate the
unemployment hate

participation hate labour folke
VI
u = =




pop .




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