Fundamentals Of Macroeconomics Paper

981 words - 4 pages

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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 real GDP is the gross domestic product of a country with adjustments given for inflation during a given year.
• Nominal GDP
The nominal GDP is the gross domestic product of a country that has not been adjusted for inflation.
• Unemployment rate
The unemployment rate is not the total percentage of unemployed individuals, rather the percentage of individuals who are unemployed and actively seeking employment at any given time. That said, it does not include retired, elderly, disabled, or others who are not interested in seeking employment.
• Inflation rate
Inflation rate basically defines the buying power of a dollar in a country. When inflation occurs, the prices of goods and services increase, thus decreasing the value of the dollar.
• Interest rate
Interest rate is the price of borrowing money from a bank or other authorized lender. This is a percentage amount of the principle owed that is compounded monthly or annually. This is how banks profit from the loans issued to consumers.

Part Two

• Purchasing of groceries
• Massive layoff of employees
• Decrease in taxes

Economics in any given country involves many daily transactions and activities in the workplace, marketplace, and in the homes of consumers. The economic health of that country, therefore, depends on many factors and often begins with the consumer. Let’s say, hypothetically, that consumerism completely ended in a country. Not one person is spending revenue on any products or services, whatsoever. Businesses will soon follow, because if no one is spending, then no one is earning revenue. If no revenue is earned, then there are no funds to put back into businesses to foster continued growth and success.
One example of consumerism is the purchasing of groceries at a grocery store. When those groceries are purchased, they are brought to a household and consumed. When consumed by a family, it supports the growth and nourishment of parents to continue working, and of children to become future contributors to the economy. Without sustenance, the family can no longer contribute to the gross domestic product of their residing country. On the flip side of the coin, lies the source of the groceries themselves. Let’s take produce, just for example. When a farm harvests their annual yields, it is then sold at market value and distributed to grocery stores and production facilities. The market value of the crops is determined by supply and demand and is continually changing. For instance, let’s say a certain...

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