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By Farmer R.E.A.

This process macroeconomics used to be learn in fall 1997 in division of Economics UC l. a..

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Extra resources for Macroeconomics

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Economic growth is the persistent tendency for GDP per capita to increase on average in every country in the world. The theory of growth tries to understand why growth occurs and why different countries grow at different rates. Understanding this issue is important because small differences in growth rates can cause very big differences in the standard of living across countries and through time. The fluctuations in many economic time series tend to move slowly through time; this inertia in a single time series is called persistence.

A firm that uses intermediate inputs adds value when the goods that it produces are sold for more than the value of the intermediate inputs that it buys. The value added of a firm is the difference between the value of the output that it sells and the value of the intermediate goods used in the manufacturing process. The Circular Flow of Income Income and output flow around the economy like water through a pipe: this idea, illustrated in Figure 2-1 is called, the circular flow of income. The purple arrow on the left of the figure illustrates the flow of domestic expenditure by households and the green arrow flowing in the opposite direction represents the flow of commodities and services that households purchase with this expenditure.

In Chapter 18 we will explore this idea in more depth and we will investigate a theory that explains how economic policy influences prices and employment over the business cycle. 5) Explaining the World – the Role of Economic Models So far we have defined three areas that we will be concerned with in this book. What causes economic growth? Why do economies fluctuate around their trend growth paths and what are the causes of inflation? You should not think of these questions as defining the whole domain of macroeconomics; each of them is related to many other economic issues.

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