INTRODUCTION TO ECONOMICS II - Unit 1 Chapter Summary
Explain the main factors led to development of macroeconomics and the scope of macroeconomics. Explain the relations between government policies and macroeconomic performance. Explain main players and their roles in an economy from a macroeconomic perspective. Define GDP concept developed in order to determine the total value of goods and services produced in an economy and to explain its calculation methods. Explain the effects of price changes on the value production and how to eliminate them. Explain the deficiencies of currently used methods to measure the production value.