The focus of this lecture is the macroeconomic measures. Students should understand the significance of Gross Domestic Product, Price levels, unemployment and AD and AS model in our economic systems.
1. Understand price level and how to calculate inflation rate.
2. Measure unemployment rate and explain its content.
3. Define Gross Domestic Product (GDP) and understand GDP computation.
4. Evaluate the validity of GDP as a measure of economic welfare and productivity.
5. Understand the AD and AS model.
6. Compare and contrast short-run and long-run equilibrium.
7. Illustrate and define business cycles.
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