Fundamentals Of Macroeconomics Essay

659 words - 3 pages

Fundamental of Macroeconomics Paper
Domonique Petite
ECO/372
October 19, 2012
Nicholas Bergan

Fundamental of Macroeconomics Paper
Definitions:
1.) Gross Domestic (GDP) - Identifies a country’s overall economic output. This means how much money the country is giving out versus what is coming in.
2.) Real GDP- Measures the value of output for economic adjusted price change. This means this is a way they can check prices yearly based on up’s and down’s each year.
3.) Nominal GDP- Deals with the money value of all goods and services that comes from or made in a country or geographically.
4.) Unemployment Rate- is the number or percentage of those unemployed at any given time. I believe these numbers can be based on the number of those collecting unemployment checks.
5.) Inflation Rate- This is based on the changes in prices which are reviewed on monthly or yearly bases.
6.) Interest Rate- ...view middle of the document...

You are even affecting the economy of your own home by taking money away to buy food, clothes, or household supplies.
When a company had to make the decision to do a massive layoff of employees the government is affected because now the unemployment rate has gotten higher. Many of those lay of employee’s are getting or trying to collect unemployment. This leads to the country giving out more money then what is being brought in. Those employees household suffer financially because now they will not be getting the same amount of revenue to pay for bills or their families’ needs. This also affects the company laying people off. The company suffers in productivity. Since there will not be as many employees the employees that do stay now have to do double the work to make up for the employees that were lost. This might also cause the quality of the products or services to do down causing the company to lose money or to go out of business.
When taxes decrease, government receives less revenue. Usually when government taxes have been lowered, it is because the economic state of the country is good. Households benefit from a decrease in taxes because now they have more money to pay bills and support their families. Businesses also benefit from this because now they do not have to pay as much in taxes and customers are more willing to buy their services or products due to the lowered tax rate.
All of these activities are directly related to each other. Groceries come from farmers, the groceries to supermarkets such as Cardenas, and from there they go to us, to our households. Even if we do not know it we are fueling the economy with everything be buy or do not buy. All our decisions are based on our personal economic state and the country’s economic state. All our decisions affect the next person. If you buy your products from one store rather than another, you are making that store more profitable than the other store. We look for stores that have a better price instead of just going anywhere to buy something at a higher cost to us. During this economy crisis we may not know where our next dollar may come from and have to save as much as we can.

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