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Download ECON 161 Professor Lowenberg Office: JH 4238 Phone: 818
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Professor Lowenberg Office: JH 4238 Phone: 818-677-4516 [email protected] http://www.csun.edu/~vcecn00h/ What is macroeconomics about? 1. Aggregate economic performance Standard of living: How much wealth do we produce? Real GDP (measures output and income) Employment Growth of per capita real GDP 2. Price level Cost of living Price indexes, e.g., CPI Inflation, deflation 3. Interest rates and exchange rates Chapter 2 What do we produce? 1. Consumption goods Expenditures by a household 2. Capital goods Durable goods that increase firms’ future output Expenditure on these goods is “investment” 3. Government goods and services Purchases by all levels of government 4. Exports Expenditures by foreigners on domestic goods How do we produce? Output is produced by employing productive resources called factors of production. The suppliers of the factors of production are paid factor income. There are four factors of production and corresponding to each is a factor payment: Labor … Wages Capital … Interest Land … Rent Entrepreneurship … Profit The circular flow model of the macroeconomy
