Governments rarely want high unemployment as it is a waste of resources. Macroeconomics lecture notes l2 measuring macroeconomic variables. With few exceptions, the articles are also summarized in romer or blanchard and fischer. Introduction emergence of macroeconomics macroeconomics, as a separate branch of economics, emerged after the british economist john maynard keynes published his celebrated book the general theory of employment, interest and money in 1936. The sum total of factor of incomes accruing to the residents of the country, both from their activities within and outside the economic territory is the national income of the country. It studies the national income, total employment, aggregate demand and supply etc. With more than 2,200 courses available, ocw is delivering on the promise of open sharing of knowledge. This is macroeconomics and here are some interesting objectivesquestions. An aggregate is a multitude of economic subjects that share some common features. Factors that affect equilibrium income and the interest rate monetary influences. Macroeconomics notes pdf lecture notes on macroeconomics pdf macroeconomics class 12 notes advanced macroeconomics lecture notes mankiw, ng 1997, macroeconomics, worth publishers edgmand, m. An indifference curve is a curve that shows all the combinations of goods that provide the consumer with the same level or satisfaction utility.
This section provides lecture notes from the course. Mustwatch revision videos before sitting a level economics paper 2. Macroeconomics this section of economics predominantly lends itself to paper 1, where we have to answer a two part essay question purely on macroeconomics plus another one on micro. Introduction to macroeconomics lecture notes robert m. Jan 25, 2017 bbs 2nd year business economics ii macroeconomics notes. Macroeconomics from the greek prefix makro meaning large and economics is a branch. References in the notes refer to articles given on the reading list. I 1st covers the mathematics used in the course i other 5 goes over the problem sets i you will receive the solution to the problem sets i your tutor. The consumer will be indifferent between w and x since they are on the same indifference curve the consumer will prefer either y or z as they fall on a higher. Jan 05, 20 an indifference curve is a curve that shows all the combinations of goods that provide the consumer with the same level or satisfaction utility.
International macroeconomics advanced level lecture notes. The emphasis is on theory, although data guides the theoretical explorations. Studying the longrun performance of the economy economic growth 3. Download the education resources of bbs 2 nd year business economics ii macroeconomics from our collection. Notes for cbse class 12 economics free pdf download. Lecture notes in macroeconomics the department of economics. In addition to this, hl students study theory of the firm. Another example of macroeconomic issue is the study of inflation or price rise. It is thus not necessary to read all or even most of the articles on the list. Review notes introduction to macroeconomics what is macroeconomics. Because historical episodes allow diverse interpretations, many conclusions of macroeconomics are not coercive.
Keynes is known as father of modern macroeconomics. Gross domestic product first thing we look at its rate of growth aggregate output. Economics lecture 3 class notes national income total value of final goods and services produced by the normal residents during an accounting year, after adjusting depreciation. Class 12 economics macro notes chapter 1 national income related aggregates pdf download free. This part of the course contains the foundations of economics by examining how individual buyers and sellers interact. Shifts in the lm schedule o assume an increase from to money supply shock. Access to the videos, full transcripts and quizzes requires a paid login. Definition of macro economics macro economics deals with total or aggregate level of output, aggregate level of consumption, aggregate level of investment, aggregate level of employment and general price level in economy. We build entirely on models with microfoundations, i. Intermediate macroeconomics lecture 1 introduction to economic growth zs o a l.
Online text and notes in principles of macroeconomics the. This manuscript is a rough and unfinished set of lecture notes about macroeconomics. We also recommend you work through some of the as macro revision videos on the entry below. Gross domestic product inflation unemployment use of the scientific method.
Understanding and forecasting shortunderstanding and forecasting shortrun fluctuations therun fluctuations the business cyclebusiness cycle 2. Topics in microeconomics and macroeconomics, international trade, taxation, assets classes, investment, manufacturing, the service sector, and. Macroeconomics notes a necessary skill for money management yiqiao yin 1 1graduate student at simon business school during 2015 to 2016. The nations unemployment rate, inflation rates, interest rates, federal government budgets and government fiscal policies, economic growth, the federal reserve system. Advanced macroeconomics 11 introduction to macroeconomics 1 introduction to macroeconomics 1. Comparing the two totals, we see that national product equals national income as it always must. The overriding goal of the course is to begin provide methodological tools for advanced research in macroeconomics. Macroeconomics 1880 1900 1920 1940 1960 1980 2000 matthiasdoepke universityofchicago andreaslehnert boardofgovernorsofthe federalreservesystem andreww. Burdett at the university of essex in 200910, based on mankiws macroeconomics 2006, 6th ed it includes a course outline, lecture notes, assignments and problem sets with solutions. Cbse class 12 economics notes free pdf download ncert. Intermediate macroeconomics lecture 1 introduction to. Macroeconomics considers the aggregate performance of all markets in the market system and is concerned with the choices made by the large subsectors of the economythe household sector, which includes all consumers. We will study investment activity in more detail later. The subtopics for each lecture are related to the chapters in the textbook.
Microeconomics studies how households and firms make decisions and how they interact in markets. International macroeconomics balassasamuelson effect 1. Thestudy oftheeconomyasawhole including topics such as inflation, unemployment and economic growth also include policy issues, such as is the government able to reduce the severity of. We are interested to determine what drives the relative price of nontraded goods, p n. National income is calculated for a particular period, normally a financial year in india, financial year means april 1 to march 31 of next year. Introductory macro economics class 12th notes pdf download. Study of groups and broad aggregates of the economy.
In macroeconomics, the term investment is reserved for purchases by firms of capital machines, buildings, etc and purchases by households of some durable goods such as housing. It is net national product nnp at factor cost fc it does not include taxes, depreciation and nonfactor inputs raw materials. Macroeconomics is basically known as theory of income. A 16th chapter is a set of flashcards for revision. I besides the lectures, there will be 6 tutorials i september 15, september 29, october, november 10, november 17, december 1 i the tutorials complement the lectures. Within microeconomics, you will study the concepts of demand and supply, elasticities, government intervention and market failure. It could also be used by graduate students seeking a refresher in advanced undergraduate macroeconomics.
A short course in introductory macroeconomics not to be circulated. It is the average of the entire economy and does not study any individual unit or a firm. Modern economies have more diversion in form of production function. By contrast, microeconomics treats economic processes that concern. A level economics year 1 as macroeconomics study notes. Lecture notes in macroeconomics university of houston. Online text and notes in principles of macroeconomics. Intermediate macroeconomics page 1 of 12 lecture notes chapter 7.
Introduction to macroeconomics in the form of 15 chapters, subdivided into a total of 7 lessons, each with an animated video, a transcript and a selftext quiz. Milton friedman and the strong tendency toward potential gdp inflation, disinflation, and deflation international finance. The difference between macroeconomics and microeconomics macroeconomics includes those concepts that deal with the entire economy or large components of the economy or the world. Note that growth accounting is not the study of economic growth we will return to consider the topic of economic growth at the end of the course. Definition, measurement problems and estimate with diagram. Students considering macroeconomics as a field are strongly. The term microeconomics and macroeconomics were first given by ragner frisch in 1933. Paper 2 involves data response questions focussing on international trade and development economics, but a good foundation on macro is needed as well. The prefix macro means large, indicating that macroeconomics is concerned with the study of the market system on a large scale. Notes on macroeconomic theory steve williamson dept. In undergraduate courses economic arguments are often made using graphs. This is a collection of lecture notes that i have used over a number of years teaching advanced.
Lecture notes principles of microeconomics economics. Bbs 2nd year business economics ii macroeconomics notes. Class notes intermediate macroeconomics li gan lecture 5. Reducing unemployment and inflation are two of the key macroeconomic objectives of any government. The lecture notes combine the approaches of and adapt materials in both books. Theory a chemistry class 11 periodic classification notes ncert based notes american pageant 12th edition notes course. Author names and qualifications are given in each lesson. Chapter 2 national income university of washington. Macroeconomics is a part of economic study which analyzes the economy as a whole. See the appendix for an explanation of the notation for calculus, and note how we. Basic definitions gdp inflation rate unemployment rate trade and budget deficits. The main aims of macroeconomics have to do with i economic growth and ii cycles, as measured by various statistical representations of the variables that describe the economy economic growth. Driscoll brown university and nber1 december 3, 2001 1department of economics, brown university, box b, providence ri 02912.
Mit opencourseware makes the materials used in the teaching of almost all of mits subjects available on the web, free of charge. Driscoll brown university and nber1 december 21, 2003 1department of economics, brown university, box b, providence ri 02912. The lecture notes combine the approaches of and adapt materials in both. This document is highly rated by commerce students and has been viewed 33805 times.
Weve made the notes available for helping the students prepare for their examinations in an effective way. Introductory macro economics class 12th notes pdf download chapter 1. National income of a country means the sum total of incomes earned by the citizens of that country during a given period, say a year. The lecture notes are from one of the discussion sections for the course.
Paul schweinzer school of economics, statistics and mathematics birkbeck college, university of london 715 gresse street, london w1t 1ll, uk email. But equations often have graphical counterparts and vice versa. Below is a topicbytopic listing of the available study notes for the macroeconomics topics for year 1 as a level economics here on tutor2u. Online text and notes in intermediate macroeconomics the.
A group of firms producing identical or closely related goods. Lecture notes principles of macroeconomics economics. This course webpage supports a course on intermediate macroeconomics as taught by g. Basic concept of macro economics linkedin slideshare. This book represents a substantial makeover and extension of the course notes for intermediate macroeconomics which have been provided publicly on eric simss personalwebsitefor several years. Consumers satisfaction there are two sides in a market for a good demand supply created by consumers created by firms. Notes what is economics aggregates such as national income, total consumption expenditure of the country etc. These lecture notes were prepared by xingze wang, yinghsuan lin, and frederick jao specifically for mit opencourseware. Now, skilled labors and advanced computerized machineries are used.
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