FINA60052: Introduction to Macroeconomics and Economic growth, business cycles, unemployment and inflation

Description

Economic theory is composed of microeconomics and macroeconomics.
In a market-based economy, prices will be fixed by the law of supply and demand.
Two main economic systems: capitalism and soviet style socialism.
Explain the difference between the long-run framework and short-run framework.
Summarize some relevant statistics about growth, business cycles, unemployment, and inflation.
List four phases of the business cycle.
Explain how unemployment us measured and state some microeconomic categories of unemployment.
Relate the target rate of unemployment to potential income.
Define inflation and distinguish a real concept from a nominal concept
State two important costs of inflation.