Fundamentals Of Macroeconomics Essay

562 words - 3 pages

Fundamentals of Macroeconomics

Weston Keene

ECO/372

1/16/2014

SAMUEL ADELUSIMO

Fundamentals of Macroeconomics part 1

• Gross Domestic Product (GDP) – Gross domestic product is how economist measures the growth with change in the market value of final goods and services produced in the market.
• Real GDP- how the economy growth is measured by real gross domestic product. Per capital divided by the total population.
• Normal GDP- Normal GDP changes when the supply levels of the product changes which can change the price of an item. Typically figures for GDP do not change like normal GDP.
• Unemployment Rate- The unemployment rate is the rate of people unemployed in a certain area.
• Inflation Rate- is the persistent rate of change in general goods in services in the economy.
...view middle of the document...

The inflation rate can affect the prices in most all groceries one example can be the cost of living, which is measured by real GDP. Groceries changes with many factors with one being the normal GDP when the supply level of the good changes it can drive up the price or when there is an over supply of a good it can be less expensive. Another factor that plays a part in the price of the goods is the transportation cost. The transpiration cost can also play into the GDP. All of these factors play into the weekly, monthly, and yearly cash flow of the common household.
The unemployment rate is the rate at any given moment of unemployed people. Massive lay of employees can contribute to the unemployment rising. The corporation can do this to save money by possible outsource work or hiring someone at a cheaper rate. This can play into the GDP majorly by potentially lowering the price of a good produced for the common household. The government is also affected by the unemployment rate as well. The government can be out money for paying unemployment if the individual qualifies.
Decrease of taxes would give the common house hold extra cash flow which in hand give extra money to spend changing the inflation rate. If the household has extra money to spend the supply of things would lower causing a higher demand changing the normal GDP. Which in my opinion would even because there would be less taxes coming in initially, but there would be more people purchasing. Government would get less money up front if taxes were lowered, which would also affect the overall GDP. The tax cut would also generate more business for the common business owner.
All in all those are some of the fundamental changes that affect in microeconomics and how they affect government, household, and business. GDP factor into the majority.

References
Colander, D. C. (2010). Macroeconomics (8th ed.). Boston, MA: McGraw-Hill/Irwin.

Other Essays Like Fundamentals of Macroeconomics

Fundamentals of Macroeconomics Essay

1073 words - 5 pages 1 Gabriel Cathey ECO/372 September 15, 2014 Instructor: W. Eric Hogan 2 Fundamentals of Macroeconomics When one speaks on economics, there are certain factors to consider simply from a financial bases. The first thing that needs to be done is having an understanding on what is economics? There exist many different parts economics and how it relates to society from all walks of life

Fundamentals of Macroeconomics Paper

736 words - 3 pages University of Phoenix Fundamentals of Macroeconomics paper ECO/372 September 10, 2012 First Part The gross domestic product is a measure of country’s value: Goods produced + Service rendered + Government Spending + (Exports)-(imports) = GROSS DOMESTIC PRODUCT Real Gross Domestic Product equals to the measure of the output of the Gross domestic Product that is acclimated for

Fundamentals of Macroeconomics

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

Fundamentals of Macroeconomics

1266 words - 6 pages Fundamental of Macroeconomics Paper July 23, 2012 Dr. Lori Geddes, P.h.D Introduction This paper will be divided into two distinct parts the first part will consist of the 6 terms used to describe macroeconomics and second part will provide 3 examples of economic activities. The purpose of part 1 is to define six terms of macroeconomics which include: Gross domestic product, Real GDP, Nominal GDP

Macroeconomics

636 words - 3 pages Fundamentals Of Macroeconomics Macroeconomics is the study of behavior of the economy. Macroeconomics is an economy-wide phenomenon like the changes in unemployment, inflation, gross products and price levels. Some vocabulary learned from macroeconomics that is important to learn about will be stated next. First gross domestic product this is the value of finished goods and services produced within in a country’s borders in a certain time

Fundentials of Macroeconomics

1303 words - 6 pages Fundamentals of Macroeconomics JoRenie Armstrong ECO/372 March 23, 2015 Yohannes Mariam Fundamentals of Macroeconomics Fundamentals of Macroeconomics economic principles apply and affect the entire economic system that encompass the world. Macroeconomics directly impact every part of our government and every individual’s quality of life. The health of the nation’s economy affects our economy. A few areas that determine economic health

Fundamentals of Economics

1256 words - 6 pages FUNDAMENTALS OF ECONOMICS I ECONOMICS, THE SCIENCE OF SCARCITY *scarcity = shortage • The science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those who wants. Demands is infinity while resources is limited. [Demand>resource] ECONOMIC CATEGORIES i. Positive economics vs Normative economics ii. Microeconomics vs Macroeconomics POSITIVE VS. NORMATIVE ECONOMICS

ECO 372 Tutorials / eco372dotcom

1039 words - 5 pages Concepts Simulation (Uop) ECO 372 week 5 IndividualFinal Examination (Uop) ECO 372 week 5 Team Assignment Economic Project Paper (Uop) ................................ ECO 372 Week 2 Individual Fundamentals of Macroeconomics Paper Resource: Figure 3-1 in Ch. 3 of Macroeconomics. Part 1 Describe the following terms in your word. • Gross domestic product (GDP) • Real GDP • Nominal GDP â

Eco 372 Week 2 Individual

580 words - 3 pages Fundamentals of Macroeconomics According to Colander (2013) gross domestic product, or GDP, “is the total market value of all final goods and services produced in an economy in a one-year period” (p.545). A major component of our GDP is groceries. Grocery purchases can have a tremendous effect on the economy and thus our GDP. The purchaser exchanges currency for their chosen items. The government gets a portion of the proceeds in taxes

Wk 1 - Eth 316 - Ethics Essay

656 words - 3 pages Fundamentals of Macroeconomics ECO/372 Ethics Essay The Virtue, Utilitarianism, and Deontological concepts all have something in a common. Each one of these three concepts concentrates on an individual’s actions leading to various options, in addition to how the options affected others. The variations within each of these concepts are who engaged and was impacted by those

Finance Basic

1807 words - 8 pages . Industry. An industry is a subdivision of a market sector and includes companies producing the same or similar goods and services. These companies often compete with each other for customers and investors. For example, within the consumer staples sector, companies that manufacture household appliances, such as dishwashers and refrigerators, are part of the same industry. The fundamentals of any single company in an industry can be measured against

Related Papers

Fundamentals Of Macroeconomics Essay 934 Words

934 words - 4 pages Fundamentals of Macroeconomics ECO-372 Principles of Macroeconomics University of Phoenix Feb 6, 2015 Fundamentals of Macroeconomics Macroeconomics is the study of the economy as whole rather than individual markets. Macroeconomics further explores issues and considers problems such as inflation, unemployment, business cycles, and

Fundamentals Of Macroeconomics Paper

981 words - 4 pages Fundamentals of Macroeconomics ECO 372 Paul Updike1/13/2014 Gabrielle McConnell | Fundamentals of Macroeconomics Paper Part One • Gross domestic product (GDP) The gross domestic product of any given country is the total net worth of that country, in simple terms. It is the total amount of all consumer, government, and business spending and all goods and services produced and/or exported by that country. • Real GDP The

The Fundamentals Of Macroeconomics Essay

827 words - 4 pages The Fundamentals of Macroeconomics Matthew Crow ECO/372 University of Phoenix The Fundamentals of Macroeconomics can be explained in a couple of different ways ranging from how patrons purchase the food they live off of, and what store they choose to shop at. Along with companies having massive layoff seasons, and the government decreasing of taxes. There are various ways the economy is impacted, these are the areas we will address, and

Fundamentals Of Macroeconomics Essay 737 Words

737 words - 3 pages Fundamentals of Macroeconomics ECO372 The business cycle is like a car, it must have several key components to operate and if one part fails it must be fixed to continue forward. The gross domestic product (GDP) is known as the price of all goods and services a country produces in a given time. It is equal to government spending, investments and consumer spending minus the value of imports. The GDP is part of the moving car, but it needs