Week 2 Macro individual paper

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The Fundamentals of Macroeconomics

ECON 372
March 10, 2014
Mr. Cain
The Fundamentals of Macroeconomics
Introduction into the Fundamentals of Macroeconomics
It is the idea that considers the lack of interest there is in the economy dating back to the early 1900's. The economy over time was studied by scholars that made terms that better deal with our economy that developed the meaning of Micro/Macroeconomics. Currently macroeconomics deals with GDP (gross domestic product) that everyone faces worldwide such as balance of trade, employment, government debt, and inflation worldwide.
Gross Domestic Product
It is the goods and services produced in a one year span. A countries growth has been measured through the GDP. The sales of goods and income earned can create total outputs to rise.
Real Gross Domestic Product
The total amount of inflation adjusted for the goods and services produced in one year. The dollar amount is adjusted to the Consumer Price Index (CPI). The study of the Real Domestic product allows economists to analyze the past years and years in the future making comparisons of other Real Gross Domestic Products for years to come.
Nominal Gross Domestic Product
Is the unadjusted worth of all goods and services within the year. It is used to analyze the prices of the GDP that grew or shrunk that year and doesn't take away from the inflation or deflation.
Unemployment Rate
Is the rate that show a percentage of people that are completely incapable working and those capable of working but, are not able to due to the economy. Also when the economy expands the unemployment rate decreases due to the recession the rate of unemployment rises.

Inflation Rate
Is the rise of the price level. A common misconception of the price Index is a high priced item marked that way for whichever reason. Inflation is when the price of an item constantly rises making an ongoing issue that the government faces.
Interest Rate
Is what companies will charge for using their services such as a furniture store that uses financial loans for their furniture purchased when one is late on a payment or early the company will charge the person a percentage for using their services. An example of interest rates is if one gets an auto loan from your bank you pay for the car in full but your auto loan states you will pay an interest fee on top of what you paid for the car due to you using the bank's loan system
Purchasing of Groceries
To buying of groceries affects the government because the demand of groceries at price level has to cover production and wages for employees working at the grocery store. All of this factors as output generated to GDP for the economy.
Massive Layoff of Employees
People are forced into unemployment due to layoffs in their company for whatever reason can affect the government to lower the price level also it discourages
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