Chapter 1:A Tour of the World 1-1. The United states 91-2: The European Union 91-3: Japan and East Asia ●14:Chna g1-5: The core content of macroeconomics e 1-6: Looking ahead 2003-6-22
2003-6-22 1 Chapter 1:A Tour of the World 1-1:The United States 1-2:The European Union 1-3:Japan and East Asia 1-4:China 1-5:The Core Content of Macroeconomics 1-6:Looking Ahead
11:The United states Is Unemployment Too LoW? e Is the stock Market Too High? Why Has Growth Slowed Down? Why Has Wage Inequality Increased? 2003-6-22
2003-6-22 2 1-1:The United States Is Unemployment Too Low? ⚫ Is the Stock Market Too High? Why Has Growth Slowed Down? Why Has Wage Inequality Increased?
How to Look at an economy When we Look at an economy, macroeconomists focus on first three measures Output, the level of production of the economy as a whole, and its rate of growth O The unemployment rate, the proportion of workers in the economy who are not employed and are looking for a job O The inflation rate. the rate at which the average price of the goods in the economy is increasing over time 2003-6-22 3
2003-6-22 3 How to Look at an economy When we Look at an economy , macroeconomists focus on first three measures: ● Output, the level of production of the economy as a whole, and its rate of growth ● The unemployment rate, the proportion of workers in the economy who are not employed and are looking for a job. ● The inflation rate, the rate at which the average price of the goods in the economy is increasing over time
Growth, Unemployment, and Inflation in the United state. 1960-1999 (in percent) 1960-199719981999200020012002 1998 Output growth|3.139393.6330.329 rate Unemployment 6.0 4.94.64.24.04.85.8 rate Inflation rate40191.01.1191410 2003-6-22
2003-6-22 4 Growth, Unemployment, and Inflation in the United State, 1960-1999 (in percent) 1960- 1998 1997 1998 1999 2000 2001 2002 Output growth rate 3.1 3.9 3.9 3.6 3.3 0.3 2.9 Unemployment rate 6.0 4.9 4.6 4.2 4.0 4.8 5.8 Inflation rate 4.0 1.9 1.0 1.1 1.9 1.4 1.0
1-2: The European Union How to Reduce High Unemployment? oWhat Will the Euro Do for Europe 2003-6-22 5
2003-6-22 5 1-2:The European Union How to Reduce High Unemployment? What Will the Euro Do for Europe?