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MACRO ECONOMICS
1.GDP,
2.Unemployment
3.Inflation.
Gross domestic product
Gross domestic product (GDP) is the market value
of all officially recognized final goods and services
produced within a country in a year, or other given
period of time.
Recession period:
“Mild fall in G.D.P”
Depression period:
“Severe fall in G.D.P”
INFLATION
The inflation rate measures the percentage
change in the average level of prices from the
year before . when inflation is above zero,
prices are rising. when it is below zero, prices
are falling .
If the inflation rate declines but remains
positive, prices are rising but at slower rate.
UNEMPLOYMENT
2.Exo-geneous variables:
are those variables that a model accept as a given
comes from outside the model and serve as a
model input.
PURPOSE OF ECONOMIC MODEL