{"id":295,"date":"2024-05-30T03:23:10","date_gmt":"2024-05-30T03:23:10","guid":{"rendered":"https:\/\/course.oeru.org\/maec102\/?page_id=295"},"modified":"2024-05-30T03:23:10","modified_gmt":"2024-05-30T03:23:10","slug":"introduction-and-objectives","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/maec102\/learning-pathways\/the-macroeconomic-model\/introduction-and-objectives\/","title":{"rendered":"Introduction and objectives"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<div class=\"thumb tright\">\n<div class=\"thumbinner thumbnail\" style=\"width:290px;\"><a href=\"https:\/\/wikieducator.org\/File:World_gross_economic_product.jpg\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" src=\"\/\/wikieducator.org\/images\/d\/df\/World_gross_economic_product.jpg\" width=\"288\" height=\"288\" class=\"thumbimage img-responsive\"><\/a>  <\/p>\n<div class=\"thumbcaption\">World gross economic product<\/div>\n<\/div>\n<\/div>\n<p>In studying macroeconomics, the focal point is the whole economy versus markets for goods and services. This approach entails looking at the forces affecting growth, inflation, and unemployment at the aggregate level whether it is output, income, or the set of components within GDP.\n<\/p>\n<p>In essence, macroeconomics involves studying demand and supply for all goods and services in a nation&#8217;s economy.\n<\/p>\n<p>Aggregate demand is the total amount of goods and services people want to buy; in other words, it measures what people wish to purchase rather than what is actually produced.\n<\/p>\n<div style=\"clear:both\"><\/div>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"objectives\" src=\"https:\/\/course.oeru.org\/maec102\/wp-content\/themes\/oeru_course\/idevices\/Icon_objectives.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Objectives<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p>Upon successful completion, you will be able to:\n<\/p>\n<ul>\n<li> graphically represent and interpret a short-run aggregate supply curve, and explain why it slopes upward and factors leading to its shift outward or inward;\n<\/li>\n<li> define aggregate demand, and identify the reasons for its negative slope; and\n<\/li>\n<li> describe the four phases of a business cycle, including references to income and real output.\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.019 seconds\nReal time usage: 0.022 seconds\nPreprocessor visited node count: 104\/1000000\nPreprocessor generated node count: 776\/1000000\nPost\u2010expand include size: 2305\/2097152 bytes\nTemplate argument size: 834\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:177041-0!*!*!*!*!2!* and timestamp 20240530032309 and revision id 1034943\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/maec102\/interactions\/course-feed\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/maec102\/learning-pathways\/the-macroeconomic-model\/required-reading-the-business-cycle\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Macroeconomics_activity_and_demand\/Macroeconomic_model\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"bf0d75bfd6a6f5c40c9f27b4298addf5\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Macroeconomics_activity_and_demand\/Macroeconomic_model\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"bf0d75bfd6a6f5c40c9f27b4298addf5\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>World gross economic product In studying macroeconomics, the focal point is the whole economy versus markets for goods and services. This approach entails looking at the forces affecting growth, inflation, and unemployment at the aggregate level whether it is output, income, or the set of components within GDP. In essence, macroeconomics involves studying demand and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":293,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-295","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/pages\/295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/comments?post=295"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/pages\/295\/revisions"}],"predecessor-version":[{"id":296,"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/pages\/295\/revisions\/296"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/pages\/293"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/maec102\/wp-json\/wp\/v2\/media?parent=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}