Chapter

1.4. Macroeconomics: The Big Picture*

From IntroductionToBusiness OP 8D04gAa

Concepts

1. How does economic growth and the business cycle indicate a nation’s economic health?

   "The United States and most other countries have three main macroeconomic goals: economic growth, full employment, and price stability. A nation’s economic well-being depends on carefully defining the

2. How is full employment measured and what are the main types of unemployment?

   "Another macroeconomic goal is full employment , or having jobs for all who want to and can work. Full employment doesn’t actually mean 100 percent employment. Some people choose not to work for perso

3. How does inflation affect price stability and purchasing power?

   "The third macroeconomic goal is to keep overall prices for goods and services fairly steady. The situation in which the average of all prices of goods and services is rising is called inflation . Inf