Explain concepts of supply and demand. Describe the concept of macroeconomic equilibrium
Discuss how aggregate demand and aggregate supply determine equilibrium price and output in the short-run and long-run. Describe the concepts and measurement of Gross Domestic Product (GDP), unemployment, and inflation. Explain what is meant by “business cycles” and “economic growth and describe the factors that contribute to each.
Illustrate understanding of the multiplier concept, including how it is computed, its qualifications, and its limitations. Demonstrate understanding of the relevance and impact of macroeconomics and how it impacts politics, the workplace, and people.///