TheScienceofMacroeconomics(slideseditedbyL.Lamb,.pptVIP

The Science of Macroeconomics (slides edited by L. Lamb, 2011);;1.1 Important issues in macroeconomics;Important issues in macroeconomics;Figure 1.1 Real GDP per Person in the Canadian EconomyMankiw and Scarth: Macroeconomics, Canadian Fourth EditionCopyright ? 2011 by Worth Publishers;Figure 1.2 The Inflation Rate in the Canadian EconomyMankiw and Scarth: Macroeconomics, Canadian Fourth EditionCopyright ? 2011 by Worth Publishers;Figure 1.3 The Unemployment Rate in the Canadian EconomyMankiw and Scarth: Macroeconomics, Canadian Fourth EditionCopyright ? 2011 by Worth Publishers;1.2 Economic models;Example of a model: Supply demand for new cars;Endogenous vs. exogenous variables;Figure 1.4 How Models WorkMankiw and Scarth: Macroeconomics, Canadian Fourth EditionCopyright ? 2011 by Worth Publishers;NOW YOU TRY: Supply and Demand;The use of multiple models;The use of multiple models;Prices: flexible vs. sticky;Prices: flexible vs. sticky;;;Homework- end of chapter questions