AB204
Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world.
As I look back to this term I felt that I learn a lot about macroeconomics. There were some terms of the unit Macroeconomics is the study of the behavior of the economy as a whole. This is different from microeconomics, which concentrates more on individuals and how they make economic decisions. Needless to say, macro economy is very complicated and there are many factors that influence it. These factors are analyzed with various economic indicators that tell us about the overall health of the economy. When I started this course, I had no idea of what GDP was and how this effect in the US economy. GDP Output, the most important concept of macroeconomics, refers to the total amount of goods and services a country produces, commonly known as the gross domestic product. The figure is like a snapshot of the economy at a certain point in time. Another subject I learned during this course was that Inflation is the third main factor that macroeconomists look at is the inflation rate, or the rate at which prices rise. Inflation is primarily measured in two ways: through the Consumer Price Index and the GDP deflator. The CPI gives the current price of a selected basket of goods and services that is updated periodically. The GDP deflator is the ratio of nominal GDP to real GDP.
If nominal GDP is higher than real GDP, we can assume that the price of goods and services has been rising. Both the CPI and GDP deflator tend to move in the same direction and differ by less than 1%.
In conclusion, I learned that performance of the economy is important to all of us. We analyze the macro economy by primarily looking at national output, unemployment and inflation. Although it is consumers who ultimately determine the direction of the economy, governments also influence it through fiscal and monetary policy.
Discuss how this course has affected you in
As I look back to this term I felt that I learn a lot about macroeconomics. There were some terms of the unit Macroeconomics is the study of the behavior of the economy as a whole. This is different from microeconomics, which concentrates more on individuals and how they make economic decisions. Needless to say, macro economy is very complicated and there are many factors that influence it. These factors are analyzed with various economic indicators that tell us about the overall health of the economy. When I started this course, I had no idea of what GDP was and how this effect in the US economy. GDP Output, the most important concept of macroeconomics, refers to the total amount of goods and services a country produces, commonly known as the gross domestic product. The figure is like a snapshot of the economy at a certain point in time. Another subject I learned during this course was that Inflation is the third main factor that macroeconomists look at is the inflation rate, or the rate at which prices rise. Inflation is primarily measured in two ways: through the Consumer Price Index and the GDP deflator. The CPI gives the current price of a selected basket of goods and services that is updated periodically. The GDP deflator is the ratio of nominal GDP to real GDP.
If nominal GDP is higher than real GDP, we can assume that the price of goods and services has been rising. Both the CPI and GDP deflator tend to move in the same direction and differ by less than 1%.
In conclusion, I learned that performance of the economy is important to all of us. We analyze the macro economy by primarily looking at national output, unemployment and inflation. Although it is consumers who ultimately determine the direction of the economy, governments also influence it through fiscal and monetary policy.
Discuss how this course has affected you in