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Ch 8: Macroeconomic Equilibrium

About This Chapter

Watch macroeconomic equilibrium video lessons and learn about gross domestic product, recessions, the business cycle and other topics. Take the quizzes that follow each lesson to test your knowledge of macroeconomic equilibrium.

Macroeconomic Equilibrium

Having an understanding of macroeconomics is pretty important these days. The global economy is a central focus of an awful lot of media coverage, and understanding these stories can help you gain insight into what's happening in your own country. Watching these lessons can help unravel some of the confusing language that gets thrown around when the economy is a topic of discussion.

One term you've probably heard in economic discussions is GDP, but do you know what it means? You may be aware that those letters stand for gross domestic product, or you may have a vague idea of what a GDP is, but there is much more to learn. For instance, did you know that there's much more to a gross domestic product than a single number? Our macroeconomic equilibrium video lessons cover this topic in-depth. We cover specifics such as the definition of full-employment GDP, how to calculate real GDP and how you can find short-run/long-run economic behaviors using a GDP.

Another important macroeconomic term that you may have heard is business cycle. But what, exactly, is a business cycle? There's a specific answer to that question, and learning it may help you understand more about how businesses perform over time. You'll also learn the common terms used when discussing business cycles.

Finally, two big words that loom over our economic reality are recession and depression. The potentially frightening implications of these words may seem less so when you understand exactly what they mean. Discover how these words are used in our current economy and how they can be misrepresented. Additionally, these macroeconomic equilibrium lessons will help you understand the difference between a recession and a depression. To learn all this and more, start watching!

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