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Completing this unit should take you approximately 10 hours. We examine whether GDP is an accurate measure of societal well-being, quality of life, and In this unit we uncover scenarios and philosophical debates about government's role in a market-based economy. In unit 5, we explore how governments form, implement, and evaluate their fiscalĪnd monetary policies to achieve these three goals.
#PRINCIPLES OF MARKETING LUMEN LEARNING FULL#
Governments focus on three key indicators of economic growth: an increase in real GDP over time, full employment, and price level stability. Measuring growth in current dollars (which does not account for inflation), rather than constant dollars, might indicate a false sense Tend to use real GDP, rather than nominal GDP, for their comparisons since real GDP removes the effect of inflation. Economists use gross domestic product (GDP), the monetary value of all final goods and services produced within a country's borders in one year, to measure a country's total output. In macroeconomics we study the total output an economy generates.
#PRINCIPLES OF MARKETING LUMEN LEARNING HOW TO#
You will then see the learning materials and instructions on how to use them. Click Unit 1 to read its introduction and learning outcomes. Then, enroll in the course by clicking "Enroll me in this course".
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In this course, we prompt you to think about the national and global issues we face, consider competing views, and draw conclusions from various perspectives, tools, and alternatives.įirst, read the course syllabus. Macroeconomics analyzes aggregate measures, such as national income, national output, unemployment and inflation rates, and business cycle fluctuations. Macroeconomic performance relies on measures of economic activity, such as variables and data at the national level, within a specific period of time. Macroeconomics studies economic growth, price stability, and full employment. Microeconomics studies firm profit maximization, output optimization, consumer utility maximization, and consumption optimization. In macroeconomics, we focus on changes in the price level across all markets. In microeconomics, we focus on how supply and demand determine prices in a given market. These beneficiaries include households, consumers, savers, firm owners, investors, government officials, and global trading partners.Ĭonsider how microeconomists and macroeconomists analyze price fluctuations. Historical and contemporary perspectives on the role of government policy surround questions of who gains and loses within a small set of key interdependent players. In this course, we introduce you to the principles of macroeconomics, the study of how a country's economy works, while trying to discern among good, better, and best choices for improving and maintaining a nation's standard of living and level of economic and societal well-being.
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Economists divide their discipline into two areas of study: microeconomics and macroeconomics.