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Economic Perspectives Finals Notes

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This document covers all the content needed for the Economic Perspectives Final, focusing on the Macro component.

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44 Pages Complete Study Notes < 1 Year old
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Topics this document covers:
Economy Macroeconomics Economics Economic growth Social inequality Labour economics Unemployment Tax Keynesian economics Gross domestic product Inflation Demand-led growth Adam Smith
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Topics this document covers:
Economy Macroeconomics Economics Economic growth Social inequality Labour economics Unemployment Tax Keynesian economics Gross domestic product Inflation Demand-led growth Adam Smith
Sample Text:
But the answer is always the same (eg; MR = MC) ➢ Micro studies INDIVIDUAL decision making (individual firms and individual markets) o These decisions are made by individual Agent ➢ Tends to describe situations that will never happen very will MACROECONOMICS ➢ Questions stay the same (eg; unemployment, inflation). But the answers are always changing (eg; monetary and fiscal policy) o Eg; before the GFC, no one considered the risk of financial instruments ➢ Macro studies questions dealing with decisions at a SOCIETAL level. This includes interaction of all firms and all markets o What happens is ALL firms, marketing, consumers and government change their behaviour ➢ Tends to describe situations that happen constantly not very well MACRO VS MICRO ➢ The overlap between the two is that firms try to maximise profit and individuals also lik...
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