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Chapter 17 A Overview of Macroeconomics 2014
Chapter 17 A Overview of Macroeconomics 2014
Economic Growth
Around the World
Figure 20.4(a) compares
the growth rate of real
GDP per person in the
United States with that for
the rest of the world as a
whole.
Economic Growth and Fluctuations
Unemployment
Not everyone who wants a job can find one.
In a recession, the number is larger.
The unemployment rate is the number of unemployed
people expressed as a percentage of all the people who
have jobs or are looking for one.
Jobs and Unemployment
Hyperinflation
The most serious type of inflation is hyperinflation—an
inflation rate that exceeds 50 percent a month.
Why Inflation is a Problem
Inflation is a problem for many reasons, but the main one is
that once it takes hold, it is unpredictable.
Unpredictable inflation is a problem because it
Redistributes income and wealth
Diverts resources from production
Inflation