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This 3-page paper discusses basic macroeconomics. Bibliography lists 2 sources.
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3 pages (~225 words per page)
File: AS43_MTbasiecon.rtf
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the business cycle? The Gross Domestic Product - also known as GDP - is a measure of the monetary value of all finished goods and services that are produced in
a country in a given period of time (Gross Domestic Product, 2010). The GDP is typically used to determine an economic health of a country - the higher the GDP,
the more value products have (because more people are out there buying them, thus pushing up demand - and price). A lower GDP tends to mean economic contraction. This is
because fewer people are interested in buying products (because they may not have the money to do so), meaning fewer products are produced. If this goes on for a long
period of time, factories close, people are laid off, and the downturn continues. This is why people, these days, are concerned about a
"jobless recovery" from the recession. Though the GDP might be inching up marginally (which is the case), job creation isnt going hand-in-hand with the situation, probably because businesses are too
afraid to commit to much to a workforce. This means people will still be unemployed even as businesses start to do better.
What are the roles of government bodies that determine national fiscal policies? While the president and Congress adjust federal spending and taxes through fiscal policy, the Federal Reserve (the
nations central bank, also known as the Fed), directly manages the supply of money as well as the use of credit, through monetary policy (Monetary and Fiscal Policy, 2010). Basically,
if the economy seems to be expanding too quickly, the Fed decreases the money supply by making money more expensive to borrow - it does this by increasing short-term interest
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