Fundamentals of Macroeconomics Essay - 778 Words

Fundamentals of Macroeconomics Fundamentals of Macroeconomics Stafford M. McClendon ECO372 University of Phoenix Online Part 1 Describe the following terms in your word. †¢ Gross domestic product (GDP) The Market value or measure of how strong a countries economy is. Also a measure of the dollar value or goods produced at a given time period. †¢ Real GDP Real GDP represents the actual dollar value exercised for constant change. Market values change rapidly and often, the real GDP is shows the value as it changes. †¢ Nominal GDP Nominal GDP is a measure of how strong the dollar value, but because inflation has not been accounted for the figures are sometimes†¦show more content†¦The low production means prices go up because of low quantity. When prices go up consumers and retailers are affected because it becomes a trickle affect, from the retailer down to the consumer and the savings they usually get goes out the window. It also affects households because when the prices go up leaving less money for other activities such as outings or family fun activities. It affects decreased taxes to help lower prices to drive the demand back up because if people cannot afford the higher prices, placing smaller taxes upon them would drive the demand back up, thus increasing the demand and the supply. The massive layoff of employees affects everything. If people do not have jobs they cannot afford anything because they do not have money to buy products. Layoffs affect home because it be comes stressful upon marriages and households in general. No job you cannot afford to pay bills, buy food, put gas in vehicles to look for work, mowing the lawn. Layoffs make people do unjust deeds, such as stealing from the consumers they normally would not have an issue purchasing the products. No power or electricity in the homes means any lights to see. Layoffs mean no water to take a bath, water the lawn or plants. Layoffs affect the government because it means less taxes being paid. When people are working the economy becomes stronger because people can go out and makeShow MoreRelatedFundamentals of Macroeconomics850 Words   |  4 Pagesï » ¿ Benson James ECO 372 Fundamentals of Macroeconomics 08 October 2013 The gross domestic product (GDP) is defined as the market value of all goods in any country at any specific time. The gross domestic product is frequently used to establish a country’s wealth or standard of living. Even though the GDP is supposed to determine a country’s economic health, many nonbelievers think the gross domestic product does not account for the undergroundRead MoreFundamentals Of Macroeconomics Paper On Macroeconomics1272 Words   |  6 Pages Fundamentals of Macroeconomics Paper Macroeconomics is a study in which reflects the economy as a whole and the levels of total output, which is also referred to as national income. 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Course Schedule: Workshop 1 = January 30, 2014 Workshop 2 = February 6, 2014 Workshop 3 = February 13, 2014 Workshop 4 = February 20, 2014 Workshop 5 = February 27, 2014 Instructor contact information: Jack Abbott Cell phone, 714-337-6092 Email, jbabbott@cox.net Course Description This course provides studentsRead More Impact of Macroeconomics on the Housing Industry Essay599 Words   |  3 Pagesbetter understand the real impact macroeconomics has in an economy or a particular industry, it is better to define what macroeconomics is and what it attempts to study. Contrary from microeconomics which studies the impact that individuals or companies have in a local economy, macroeconomics focuses on the behavior of the economy or industries as a whole, in a national or global perspective. 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