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Lecture Outline - 10 - Introduction To Macroeconomics

This lecture introduces macroeconomics and the concept of national income. Macroeconomics looks at the economy as a whole, examining variables like GDP, unemployment, inflation, and interest rates. National income is used to measure the size of an economy and its growth over time, understand the structure and changes in different sectors, and help formulate development policies. It is defined as the money value of all final goods and services produced in a country in a year. Studying national income is important for measuring economic performance, tracing growth trends, and making projections.

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Dhanushka Rajapaksha
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49 views4 pages

Lecture Outline - 10 - Introduction To Macroeconomics

This lecture introduces macroeconomics and the concept of national income. Macroeconomics looks at the economy as a whole, examining variables like GDP, unemployment, inflation, and interest rates. National income is used to measure the size of an economy and its growth over time, understand the structure and changes in different sectors, and help formulate development policies. It is defined as the money value of all final goods and services produced in a country in a year. Studying national income is important for measuring economic performance, tracing growth trends, and making projections.

Uploaded by

Dhanushka Rajapaksha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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EC 201 - MACROECONOMICS

LECTURE 1- INTRODUCTION
Prof. ND Samarawickreme
National Income: concepts and meas!ements
1" #$at is mac!oeconomics%
T$is concept &!e' a(te! 1)2) -*0 t$e &!eat 'o!ld dep!ession
- Loo+in& at t$e econom, as a '$ole
#$e!eas Mic!oeconomics std, t$e -e$a.io! o( small elements in t$e
s,stem/ Consme!0 a ma!+et0 (i!m etc"
- To $a.e an nde!standin& a-ot mac!o .a!ia-les
- #$at a!e mac!o-.a!ia-les%
- 1N20 2!ice le.el0 !ate o( &!o't$ o( 1D20 inte!est !ate0 e3c$an&e !ate0
nemplo,ment0 a&&!e&ate demand and sppl,0 -alance o( pa,ment"
- #$at dete!mine t$ese .a!ia-les%
#$at dete!mines t$e le.el o( emplo,ment0 nemplo,ment%
4o' is t$e &ene!al p!ice le.el is dete!mined%
Relati.e impo!tance o( t$e .a!ios (acto! o( p!odction
#$at (acto!s dete!mine t$e p!ice le.el%
5 To estimate economic de.elopment"
5 To +no' $o' (a! de.elopment o-6ecti.es 'e!e ac$ie.ed"
5 To +no' t$e cont!i-tion o( .a!ios secto!s to national income"
To de.elop mac!oeconomic policies
2" desc!i-e t$e concept o( National Income
*" #$, do 'e need a concept o( National Income%
7" de(inition:
8"M"9e,nes0 a (amos economist de(ined national income as (ollo's"
:National Income is t$e mone, .ale o( all (inal &oods and se!.ices p!odced in a
cont!, d!in& a ,ea!:
- Need not to inclde inte!mediate &oods ; -ecase it co!ses do-le-contin&"
- in National Income Accontin& 'e inclde t$em in one point o( p!odction"
National income 'ill $elp to assess and compa!e t$e p!o&!ess ac$ie.ed -, a cont!,
o.e! a pe!iod o( time"
Let s see '$, t$e std, o( national income is &i.en so mc$ impo!tance"
Need for the Study of National Income
1" To meas!e t$e si<e o( t$e econom, and le.el o( cont!,=s economic
pe!(o!mance"
2" To t!ace t$e t!end o! speed o( t$e economic &!o't$ in !elation to p!e.ios
,ea!>s? as 'ell as to ot$e! cont!ies"
*" To +no' t$e st!ct!e and composition o( t$e national income in te!ms o(
.a!ios secto!s and t$e pe!iodical .a!iations in t$em"
7" To ma+e p!o6ection a-ot t$e (t!e de.elopment t!end o( t$e econom,"
@" To $elp &o.e!nment (o!mlate sita-le de.elopment plans and policies to
inc!ease &!o't$ !ates"
A" To (i3 .a!ios de.elopment ta!&ets (o! di((e!ent secto!s o( t$e econom, on t$e
-asis o( t$e ea!lie! pe!(o!mance"
B" To $elp -siness (i!ms in (o!ecastin& (t!e demand (o! t$ei! p!odcts"
C" To ma+e inte!national compa!ison o( people=s li.in& standa!ds"
4o' to se National Income (i&!es%
Real 2e! capita concept
Dolla! .ale o( pe! capita income
2!c$asin& po'e! pa!it, concept
Monitoring the world economy, 1820-1992 - Google Books Result
Angus Maddison - 1995
B
A
@
7
*
2
1
B
A
@
7
*
2
1
Dicto!ian pe!iod #o!ld #a!s 1olden
Eea!s
2e!iod o(
2ost-oil
S$oc+ F
1lo-ali<atio
n

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