Read e-book online Macroeconomics, 2nd Edition (in modules) PDF

By Paul Krugman, Robin Wells (main authors), Margaret Ray, David Anderson (auxiliary authors)

ISBN-10: 1429287292

ISBN-13: 9781429287296

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Extra info for Macroeconomics, 2nd Edition (in modules)

Example text

Between 1970 and 2009 the economy experienced substantial inflation, a rise in the overall price level. The opposite of inflation is deflation, a fall in the overall price level. A change in the prices of a few goods changes the opportunity cost of purchasing those goods but does not constitute inflation or deflation. These terms are reserved for more general changes in the prices of goods and services throughout the economy. Basic Economic Concepts Section I Both inflation and deflation can pose problems for the economy.

The most recent economic downturn started in December, 2007. S. unemployment rate since 1989 and the timing of business cycles. Recessions are indicated in the figure by the shaded areas. The business cycle is an enduring feature of the economy. But even though ups and downs seem to be inevitable, most people believe that macroeconomic analysis has guided policies that help smooth out the business cycle and stabilize the economy. What happens during a business cycle, and how can macroeconomic policies address the downturns?

But wages have risen along with overall prices, Basic Economic Concepts Corbis Got a Penny? so that the average worker is now paid more than $18 per hour. A penny is therefore equivalent to just a little under 2 seconds of work, so it’s not worth the opportunity cost of the time it takes to worry about a penny more or less. In short, the rising opportunity cost of time in terms of money has turned a penny from a useful coin into a nuisance. Microeconomics is the study of how people make decisions and how those decisions interact.

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Macroeconomics, 2nd Edition (in modules) by Paul Krugman, Robin Wells (main authors), Margaret Ray, David Anderson (auxiliary authors)


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