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CFO10e_ch20.ppt

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1 of 26 © 2012 Pearson Education, Inc. Publishing as Prentice Hall P A R T I I C o n c e p t s a n d P r o b l e m s i n M a c r o e c o n o m i c s Prepared by: Fernando Quijano & Shelly Tefft CASE FAIR OSTER P R I N C I P L E S O F ECONOMICS T E N T H E D I T I O N 2 of 26 © 2012 Pearson Education, Inc. Publishing as Prentice Hall P A R T I V C o n c e p t s a n d P r o b l e m s i n M a c r o e c o n o m i c s 3 of 26 © 2012 Pearson Educati
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  1 of 26 © 2012 Pearson Education, Inc. Publishing as Prentice Hall    P   A   R   T   I   I   C  o  n  c  e  p   t  s  a  n   d   P  r  o   b   l  e  m  s   i  n   M  a  c  r  o  e  c  o  n  o  m   i  c  s   Prepared by: Fernando Quijano & Shelly Tefft CASE FAIR OSTER P R I N C I P L E S O F ECONOMICS T E N T H E D I T I O N  2 of 26 © 2012 Pearson Education, Inc. Publishing as Prentice Hall    P   A   R   T   I   V   C  o  n  c  e  p   t  s  a  n   d   P  r  o   b   l  e  m  s   i  n   M  a  c  r  o  e  c  o  n  o  m   i  c  s  3 of 26 © 2012 Pearson Education, Inc. Publishing as Prentice Hall    P   A   R   T   I   V   C  o  n  c  e  p   t  s  a  n   d   P  r  o   b   l  e  m  s   i  n   M  a  c  r  o  e  c  o  n  o  m   i  c  s CHAPTER OUTLINE 20 Introduction to Macroeconomics Macroeconomic Concerns Output Growth Unemployment Inflation and Deflation The Components of the Macroeconomy   The Circular Flow Diagram The Three Market Arenas The Role of the Government in the Macroeconomy   A Brief History of Macroeconomics   The U.S. Economy Since 1970 PART IV CONCEPTS AND PROBLEMS IN MACROECONOMICS  4 of 26 © 2012 Pearson Education, Inc. Publishing as Prentice Hall    P   A   R   T   I   V   C  o  n  c  e  p   t  s  a  n   d   P  r  o   b   l  e  m  s   i  n   M  a  c  r  o  e  c  o  n  o  m   i  c  s microeconomics  Examines the functioning of individual industries and the behavior of individual decision-making units — firms and households. macroeconomics  Deals with the economy as a whole. Macroeconomics focuses on the determinants of total national income, deals with aggregates such as aggregate consumption and investment, and looks at the overall level of prices instead of individual prices. aggregate behavior   The behavior of all households and firms together. sticky prices  Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded.
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