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Andrew Able, Ben Bernanke and Robert McNabb in chapter 1 define macroeconomics as the study of performance and structure of national policies and economies that regimes utilize to try and influence the economic performances.
The chapter first discusses the important factors that have an impact on long-term economic growth. For instance, the availability of resources is one factor that influences economic growth. When the natural resources of a nation are exploited, there is a decline in economic growth. Efficiency labor force is another factor which leads to an increase in productivity increasing economic growth. Finally, the efficiency of capital is the factor that leads to the enhancement of technology and knowledge which eventually increases the productivity of machines, land, and buildings (Abel et al., 2014).
In respect to business cycles, a rise in improvements in efficiency and the availability of natural resources aids a nation in registering an upward trend. However, the chapter goes ahead to conclude that at a certain period, the economic growth rate is smaller than, greater than or the same as the general economic trend. Therefore, economists get to find ways in which transnational trades and their borrowing relations aid in transmitting business cycles from one nation to another. It is because they have an influence on the performance of world economies and individual economies.
The chapter also discusses the macroeconomic policies which influence the economic performances. For instance, the fiscal policy which is mainly concerned with the spending of the government and taxations that is determined at the local, state and national levels. On the other hand, monetary policy mainly determines the growth rate of money supply in a nation when being controlled by the central bank (Abel et al., 2014).
As the chapter concludes, we get to understand the role of macroeconomists. They are responsible for predicting the economic performance of a nation. They also monitor a country's economy while considering the influences of the current economic events. Finally, they collect data regarding the macroeconomic variables like measures of output and price levels........................GET A PLAGIARISM FREE COPY