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Introduction to Islamic Economics: Theory and Application by Abbas Mirakhor, Zamir Iqbal, Hossein Askari

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Chapter 6Key Macroeconomics Concepts

  1. How economic output is measured.
  2. Why economic output from the depletion of natural resources is not the same as other output of goods.
  3. How economic output is determined.
  4. Determinants of consumption and investment functions.
  5. What unemployment and inflation are.
  6. Why there is unemployment and inflation.
  7. Impact of government expenditures and taxes on economic activity, employment, and national debt.
  8. Why countries trade and the role of exchange rates.
  9. Why government policies have an important role in achieving full employment and stable prices.

Macroeconomics is focused on the overall, or aggregate, economic performance of a city, a region, a country, or a group of countries such as the European Union, all Muslim countries, or the countries of the Middle East and North Africa. Why do some countries have a high level of income relative to other countries? Why are some countries rich while others are poor? Why do some countries exhibit fast economic growth and others do not? What causes recessions and depressions? Why do some countries have to suffer from high unemployment and poverty? What are the reasons for inflation? What determines national income and consumption, savings, investment, and trade balance? Macroeconomists collect data, build macroeconomic models to explain aggregate economic conditions such as those just listed, make predictions, and recommend policies to governments. Policy makers use the output of macroeconomic ...

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