Basic Macroeconomics

Basic Macroeconomics covers fundamental economic principles by teaching economics in the manner of the hard sciences, requiring students to use real data in the application of theory. Students also become familiar with the language of economics as it is used in today's media, which enhances their ability to understand current, real-world economic issues.The book is cleanly organised and explains the economy's role in society and how it is measured. Students also learn basic macroeconomic abstractions and how to develop and use basic economic models. The text applies these basic modelling techniques and the data to the conventional sectors of the economy including household, business, financial, government, and foreign sectors. The book concludes by examining economic policy and development in today's uncertain world.The second edition features new information on how the COVID-19 pandemic affected the economy, including how federal programs created a safety net and stabilising force for those who lost their jobs during the health crisis. The book includes new and refreshed graphs, figures, and data throughout to provide readers with the most up-to-date information.Basic Macroeconomics is written for the freshman economics student in mind but will also prove helpful to the layperson wishing to better understand the field.