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Macroeconomics Issues and Measurement: Lipsey & Chrystal Economics 12E
Macroeconomics Issues and Measurement: Lipsey & Chrystal Economics 12E
Macroeconomics Issues and Measurement: Lipsey & Chrystal Economics 12E
Measurement
Chapter 15
LIPSEY & CHRYSTAL
ECONOMICS 12e
Learning Outcomes
What is Macroeconomics
• Macroeconomics is about the economy as a whole. It
studies aggregate phenomena, such as business cycles,
living standards, inflation, unemployment, and the
balance of payments. It also asks how governments can
use their monetary and fiscal policy instruments to help
stabilize the economy.
INTRODUCTION - MACROECONOMIC ISSUES AND
MEASUREMENT
Domestic Impo
rts
households Pa
es ym
e r v ic ent
s s
fo
g r
to r
vi n
Sa
f ac
go o
Financial
ds a
Inv
fo r
System est
nd services
me
nt Abroad
me paid
Sp
es Government en
Tax c d
pr urr ing
inco
od en on
uc t
tio
x
rts
ta
l n o
Tota
-
xp
er t
l E
Fina g
Af
Total
Domestic din
incom spen
gener e producers
at e d
The Circular Flow of Income, Output, and Expenditure