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Macroeconomics (Fach) / Chapter 20 (Lektion)

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• microeconomics examines functioning of individual industries and the behavior of individual decision-making units (firms & households)
• macroeconomics deals with the economy as a whole focuses on the determinants of total national income deals with aggregates (consumption & investment) looks at overall level of prices instead of individual prices
• aggregate behavior behavior of all households & firms together
• sticky prices prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded
• 3 major concerns of macroeconomics Output growth (Produktionswachstum) Unemployment Inflation and deflation
• business cycle Output growth the cycle of short-term ups and downs in the economy
• aggregate output Output growth The total quantity of goods and services produced in an economy in a given period
• recession Output growth a period during which aggregate output declines. Conventionally, a period in which aggregate output declines for two consecutive quarters
• depression Output growth a prolonged and deep recession
• expansion or boom Output growth the period in business cycle from a trough up to a peak during which output and employment grow
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• contraction, recession or slump Output growth The period in the business cycle from a peak down to trough during which output and employment fall
• typical business cycle the economy is expanding as it moves through point A (higher than trough) from the trough to the peak. the economy is in recession when it moves through point B from a peak down to a trough.
• Unemployment rate the percentage of the labor force that is unemloyed 3 questions:  measuring unemployment why unemployment rate has risen? why is there any unemployment at all?
• inflation an increase in the overall price level
• hyperinflation a period of very rapid increases in the overall price level
• deflation a decrease in the overall price level
• components of the macroeconomy households  --> private sector firms --> private sector the government --> public sector the rest of the world --> foreign sector
• circular flow a diagram showing the income received and payments made by each sector of the economy
• transfer payments cash payments made by the government to people who do not supply goods, services or labor in exchange for these payments  (Social Security benefits, veterans' benefits, and welfare payments)
• circular flow of payments Households receive income from firms and the government, purchase goods and services from firms and pay taxes to the government. they also purchase foreign-made goods and services (imports) Firms receive payments from households and the government for goods and services; they pay wages, dividends, interest and rents to households and taxes to the government. They purchase imports the government receives taxes from households and firms, pays firms and households for goods and services - including wages to government workers - and pays interest and transfers to households. They purchase imports people in foreign countries purchase goods and services produced domestically (exports)
• market arenas Another way of looking at the ways households, firms, the government and the rest of the world relate to one another is to consider the markets in which they interact: goods-and-services market labor market money (financial) market

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