ECON 1BB3 Lecture 1: ECON 1BB3- Chapter 5
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17 Jan 2019
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Macroeconomics concerns the overall performance of the economy. The term economy means the structure of economic activity in a community, a region, a country, a group of countries, or the world. Which is its own laws, regulations, customs, manners, and ways of doing business: macroeconomics usually focuses on the performance of the national economy and how they interact with other national economies. Flow and stock variable- flow variable is a measure of something over an interval of time, such as your income per week. In contrast, a stock variable is a measure of something at a particular point in time, such as the amount of money you have with you right now. Mercantilism is the incorrect theory that a nation"s economic objective should be to accumulate precious metals in the public treasury. This theory prompted trade barriers to cut imports, but trading partners retaliated, reducing trade and the gains from specialization.
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