Sample Report On Economics: Chapter 2 Summary

Chapter Summary:

The book “Foundation of Macroeconomics” 7th Edition was written by Robin Bade and Michael Parker of Western Ontario University. The book is well renowned in terms of describing the major concepts of macroeconomics (Pearsonhighered.com, 2015). The second chapter of the book gave an understanding of Monitoring of Macroeconomic indicators. The chapter is divided into three different categories. In the first category, Gross Domestic Product (GDP) is defined and termed as a measure of production and income of a country. The second and third category of this chapter comprised on jobs/unemployment and CPI/Cost of Living respectively. All categorizes define in this chapter mainly come under the ambit of Macroeconomic Indicators through which the power of an economy can be gauged. Both Robin and Parker did an extraordinary job while writing this book in which they emphasized a lot over the monitoring of macroeconomic variables for the sake of an economy.

My Response:

The second chapter of the book was written with immense care and research by Robin and Parker. The chapter defines some of the most important macroeconomic indicators that considers by every researcher and investigator of the world to analyze the financial health of an economy. The usefulness of the indicator like unemployment and CPI is very important specifically for this purpose. An economy with manageable and low unemployment rate is comparatively sounder to an economy wherein the level of unemployment is high. On the other hand, CPI should be on a manageable rate as well, as it apprise regarding the cost of living in a country or city. The concept of GDP is very important for a reader to gain insight knowledge related to the production of an economy that has a direct linkage with the arrival of income towards the economy.

References

Pearsonhighered.com,. (2015). Pearson - Foundations of Macroeconomics Plus NEW MyEconLab with Pearson eText -- Access Card Package, 7/E - Robin Bade & Michael Parkin. Retrieved 20 January 2015, from http://www.pearsonhighered.com/educator/product/Foundations-of-Macroeconomics-Plus-NEW-MyEconLab-with-Pearson-eText-Access-Card-Package/9780133578218.page