New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Macroeconomics 3/14/2016

by: amber weiss

Macroeconomics 3/14/2016 Economics 111

amber weiss
GPA 3.7

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

this is what we covered in class March 14, 2016
Mary Anne Pettit
Class Notes
25 ?




Popular in Macroeconomics

Popular in Economcs

This 2 page Class Notes was uploaded by amber weiss on Monday March 21, 2016. The Class Notes belongs to Economics 111 at Southern Illinois University Edwardsville taught by Mary Anne Pettit in Spring 2016. Since its upload, it has received 5 views. For similar materials see Macroeconomics in Economcs at Southern Illinois University Edwardsville.


Reviews for Macroeconomics 3/14/2016


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 03/21/16
Macroeconomics March 14, 2016  Measuring the Macro-Economy - How is the economy doing? - How do we know? - National Income Accounting: looks at accounting data for entire economy - Most important measure of national income accounting is GDP - Gross domestic product: total market value of all final goods and services produced in the US in a calendar year  Gross Domestic Product - Market value means prices used for tally (add up prices) so, GDP totals up prices of stuff produced - 2015 NOMINAL GDP- - $18.1 Trillion - Nominal- current output GDP in current places, unadjusted for inflation increases the price level overtime - Unadjusted= Nominal know both terms - Nominal figures are problematic if idea is to measure real changes in stuff produced  Nominal vs. Real - Nominal GDP: current output in current places unadjusted for inflation increases in price level overtime - Real GDP: GDP that has been adjusted for price level changes, it reflects changes in output more clearly Dishes Price Nominal GDP Year 1 3 3 $9 Year 2 3 4 $12 - Didn’t produce more but increase in Nominal GDP - A price index is used to convert nominal to real GDP - Nominal GDP is put in base year prices Dishes Price Real GDP Year 1 3 3 $9 Year 2 3 4 $12 The first red arrow is the current output ; and the second arrow pointing down is the base year price showing the REAL GDP for YEAR 2 = $9… - WE ALWAYS WANT/PREFER REAL GDP  Understanding GDP - Final not intermediate = goods produced for further processing - Avoids Double Counting - GOAL IS MORE - How much should GDP grow each year?  2%-5% (short-run fluctuations) per year - Long run trend for US GDP growth is 3% - So, what is a “bad” growth rate? {other words for bad would be: sluggish, fatigue, anemic, etc…} 1-2%, but it is still positive - Recession- standard rule of thumb is 2 consecutive quarters of falling real GDP [6 months] Quarter every 3 months


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Allison Fischer University of Alabama

"I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over $600 per month. I LOVE StudySoup!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.