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1、l Macroeconomics1. A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.2. Basic concepts: Output and income Unemployment Inflation and deflation.3. It studies aggregated indicators such as: GDP (gross d
2、omestic product): themarket valueof all officially recognized final goods and services produced within a country in a year, or other given period of time. GDPper capitais often considered an indicator of a countrysstandard of living. Unemployment rate: Unemployed workers are those who are currently
3、not working but are willing and able to work for pay, currently available to work, and have actively searched for work. Price indexes: 1. CPI (Consumer price index): measures changes in the price level of amarket basketofconsumer goodsand servicespurchased by households.Goods listed in the CPI inclu
4、de food and beverages, transportation, housing, clothing, medical care, recreation, education and communication, and other goods and services. 2. PPI (Producer price index): measures the average changes in prices received by domestic producers for their output. Macroeconomists develop models that ex
5、plain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. Macroeconomics policy: Monetary policy(interest rates) Fiscal policy (tax structure and government spending)l Microeconomi
6、cs A branch of economics that studies the behavior of individuals and small impacting players in making decisions on the allocation of limited resources. It applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and
7、 demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services. It studies the topics as follows: Demand, supply, and equilibrium(market price): price is a markets automatic regulator. Measurement of elast
8、icities: The ratio of the percentage change in one variable to the percentage change in another variable, when the latter variable has a causal influence on the former. Price elasticity of demand: a measure of the responsiveness of the quantity demanded of a good to a change in its price when all ot
9、her influences on buyers plans remain the same. Percentage change in price=(new price-initial price)/initial price*100 Percentage change in quantity=(new quantity-initial quantity)/initial quantity*100 (-)Elastic demand: (dQ/Q)(dP/P) or e1Unit elastic demand: (dQ/Q)=(dP/P) or e=1Inelastic demand:(dQ
10、/Q)(dP/P) or e1 (normal good, income elastic) 1 (normal good, income inelastic) 0 (inferior good) Four elements of private enterprise: private property rights, freedom of choice, profits, and competition. Perfect competition: markets such that no participants are large enough to have the market powe
11、r to set the price of a single product. Monopolistic competition: market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those competitors. Monopoly: a single company is the only supplier of a particular commodity. Oligopoly: a
12、 market or industry is dominated by a small number of sellers (oligopolists).Four Different Types of Competition Game theory: the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.Common Measures Used to Evaluate a Nations Economic Health4 / ) ( / ./ ./ ./ : _ / : : . / () _ / . /: : = 00= ( ( / : -0* / - ( 0 / - _ / / / / ) , , , . : . ) _ / . . : /: / / . /. , /: , . / / /: ( ) _ / / / ) (_ / . : , _ / /. /: . . , , _ . / _ / / , : _ ./: _ / /: . / . / ) , 4
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