Basics And Impact Of Macroeconomics

Before learning any idea extensively, it is good to know the basics. Pertaining to macroeconomics, the basics may in fact be the most important part. Basics such as Gross Domestic Product, unemployment, inflation and other items create a foundation to macroeconomics, as well as the goals of the economy. An introduction is given in chapter 19 that states the basics as well as goals, briefly. Chapter 20 focuses on the measurement of macroeconomics, and looks extensively into calculation the many forms of Gross Domestic Product. Chapter 23 deals with defining unemployment, and learning about types of wages. Themes relating to these chapters would be the idea and defining of macroeconomics and the goals along with it, and how the success or failure

Technology has impacted economic development, is a factor to unemployment, and has attributed skills that can replace the need for a person to be at a facility. The increase of productivity can be traced back to implementing technology. Even though a new wave of technology can be necessary, it is not sufficient to the economy. This increase in technology can and will ultimately cancel out jobs. As we’ve learned previously, structural unemployment is caused by a change in the structure of the economy. If a new wave of technology is implemented, ultimately, skills that people would obtain, machines will acquire, and vice versa. Now there will be extraordinary additions and enhancements with technology creating skills that one will not be able to obtain. ‘Technological unemployment’ is a term defined in the textbook as needing fewer workers to produce a given quantity of output (Goodwin, Harris, Nelson, Roach & Torras, 2014, p. 528). Even though if there is an upward trend in labor productivity leading to improvement in technology, people will still lose their jobs. Another term identified in the textbook that implements advantages when seeking job is the term ‘skill biased technical change’; if one knows how to work modern technology better than another, that person will be favored when it comes time to choose a candidate for a job (Goodwin, Harris, Nelson, Roach & Torras, 2014, p.