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14 Pages Complete Study Notes Year: Pre-2018

Chapter 1: Measuring macroeconomic performance: output and prices Macroeconomic: -Judgments about performance of the economy -Factors that produced particular macro outcomes -Role of government 1.1 When is the economy performance well? PERFORMANCE INDICATORS a) Rising living standards in long run b) Avoiding extremes of short-run macro performance *Short-run business cycle: tendency for economies to pass through periods of economic expansion and contraction *Recessions: two consecutive quarters in which economy’s output falls c) Maintaining real value of currency *Inflation and deflation: general level of prices in an economy to change over time. -Inflation: decrease in real value of currency d) Sustainable levels of public and foreign debt *Public debt: amount owed by gov to non-gov sector *Unsustainable debt policy: too much borrowing relative to income flow *Foreign debt: owed by nation to other countries e) Balancing current expenditure against the need to provide resources in future f) Providing employment for all individuals seeking work

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