Full 104 page summary of Monetary Economics (ECS3701) Module Questions and Answers 2023

macroeconomics - -the study of the economy as a whole 1. economic growth 2. unemployment 3. inflation 4. monetary and fiscal policy -microeconomics - -the study of decision making by individuals and firms along with how the government influences those decisions Ex: 1. Disney raising their ticket prices 8% 2. you deciding to rent an apartment 3. the government taxing plastic bags -economic indicator - -a statistic about an economy -important economic indicators include - -1. the current level of GDP (lesson 1) - 21.7 trillion dollars (2019Q4) 2. the current official unemployment rate (lesson 2) - 3.6% (Jan. 2020) 3. the current inflation rate (lesson 3) - 2.3% (CPI Dec 2019) 4. the current federal funds rate (lesson 8) - 1.50% - 1.75 % -gross domestic product (GDP) - -the market value of all final goods and services produced in a country during a period of time, measures total production, total expenditures, and total income in an economy, tries to be a proxy for well being -GDP top 10 ranking - -1. United States 2. China 3. Japan 4. Germany 5. United Kingdom