Macro Module 1 At

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Greek word which meant house, abode, dwelling

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"OIKOS"

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Means to manage distribute to deal out or dispense

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Nemo

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Meaning the management and administration of a household

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Oikonomia

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Condition in which our wants are greater than the limited resources available

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Scarcity

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It is the science of scarcity

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ECONOMICS

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It is the proper allocation and efficient use of available resources for maximum satisfaction of human wants

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ECONOMICS

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The science which deals with the study of how individual households firms and government plan raisa locate and use this country sources to satisfy human wants

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ECONOMICS

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It is the big picture

it studies the economy as a whole

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MACROECONOMICS

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It is the smaller picture it studies the individual units

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MICROECONOMICS

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It was a worldwide economic depression that lasted for 10 years

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The great depression

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The great depression began on black friday on what date

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October 24 1929

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It says that recessions cure themselves and that government cannot cure recessions

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Classical economics

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It is the dominant school of economic thought before the great depression

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The classical economics

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Believe that the government should intervene in economic affairs as little as possible

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The classical economics

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It is the invisible hand theory

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Laissez-faire economics

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He is the founder of classical economics

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Adam smith

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He is the author of the wealth of nations which was considered as the economic bible

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Adam smith

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This is considered as the economics bible

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The wealth of nations

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It is a law that says "supply create its own demand" and it means that the very process of producing specific goods which supply is proof that other goods desired

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SAY'S LAW

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Assumptions of the Classical Model

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Pure competition exists

wages and prices are flexible

people are motivated by self-interest

people cannot be sold the money illusion

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The author of general theory of employment interest and money

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John maynard keynes

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According to him the problem with you session is inadequate aggregate demand

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Keynesian economics (John maynard keynes)

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But with a according to him the cure for depression is government spending

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Keynesian economics (John maynard keynes)

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The three major concerns of macroeconomics

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1 .Inflation

2. output growth

3. unemployment

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True or False

The goal of an economy is to have high inflation, high output growth and high unemployment

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FALSE

The goal of an economy is to have LOW inflation, high output growth and LOW unemployment

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It is an increase in the overall price level

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Inflation

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True or False

Keeping inflation low has been a goal of the government policy

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True

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The main measure of how an economy is doing

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Aggregate output

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It is the total quantity of goods and services produced in the economy in a given period

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Aggregate output

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Periods during which aggregate output declines for two consecutive quarters

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Recession

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A prolonged and deep recession is called

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Depression

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A condition that occurs if there are qualified workers would be willing to work a prevailing wages but cannot find jobs

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Unemployment

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- The percentage of the labor force unemployed

- Is the key indicator of the economy's health

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Unemployment rate

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Evaluate the success of an economy's overall performance economies look at four areas

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1.Output

2. employment

3.price stability

3. International trade

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Goals of macroeconomics

1. A ___________ and growing level of national output

2. ___________ employment

3. ___________ or ___________ rising price level

4. Robust international trade with a stable foreign exchange rate on ___________ balancing imports

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1. A high and growing level of national output2. High employment stable or 3. Gently rising price level 4. Robust international trade with a stable foreign exchange rate on exports balancing imports

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They play a vital role in influencing the economy

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The government

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Refers to government policies concerning the use of tax and government expenditures to influence aggregate output

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Fiscal policy

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Two types of fiscal policy

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Expansionary fiscal policy and

Contractionary fiscal policy

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It uses increase on government spending or cut/ reduce taxes to raise income

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Expansionary fiscal policy

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Ss decrease in government spending or increases tax to reduce demand pull inflation

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Contractionary fiscal policy

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Refers to the tool used by the bangko sentral ng pilipinas to control the supply of money

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Monetary policy

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Types of monetary policy

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Easy money policy and tight money policy

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Increase the supply of money to increase aggregate demand

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Easy money policy

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Tightening the supply of money in order to reduce spending and control inflation

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Tight money policy

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It consists of the buying of government securities firm or the selling of government securities to commercial banks to the general public

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Open market operations

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Is the specified minimum percentage of its checkable deposits to the bank or christmas keep on deposit at the bsp in its district or hold as v cash

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Reserve requirement

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The interest rate charged by the bank on loans that they grant

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Discount rate

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A government policies that focus on stimulating aggregate supply instead of aggregate output a host of policies have been aimed at increasing the rate of growth

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Growth policies or supply side policies

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Is the sum of consumer spending, investment spending, and gov spending plus net exports

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AGGREGATE DEMAND

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Is a Function of disposable income

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CONSUMPTION