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Summary 7.1 Economics is divided into the subfields of microeconomics -which studies how households and firms make choices—and macroeconomics—which studies the economy as a whole .An important macroeconomic issue is the business cycle , which refers to alternating periods of economic expansion and economic recession .An expansion is a period during which production and employment are increasing .A recession is a period during which production and employment are decreasing .Another important macroeconomic topic is economic growth ,which refers to the ability of the economy to produce increasing quantities of goods and services .Macroeconomics also studies the inflation rate ,or the percentage increase in the price level from one year to the next .Economists measure total production by gross domestic product(GDP),which is the value of all final goods and services produced in an economy during a period of time .A final good or service is purchased by a final user. An intermediate good or service is an input into another good or service and is not included in GDP. When we measure the value of total production in the economy by calculating GDP , we are simultaneously measuring the value of total income .GDP is divided into four major categories of expenditures : consumption ,investment ,government purchases ,and net exports .Government transfer payments are not included in GDP because they are payments to individuals for which the government does not receive a good or service in return .We can also calculate GDP by adding up the value added of every firm involved in producing final goods and services.经济学被分成了微观经济学和宏观经济学两个分支,微观经济学研究家庭和企业如何做出决策,宏观经济学研究经济作为一个整体如何运行。一个重要的宏观经济的议题是经济周期,是指经济扩张和经济衰退的周期性交替。经济扩张时期是指总产出和就业增长的时期。经济衰退时期是指总产出和就业减少的时期。另一个重要的宏观经济议题是经济增长率,是指经济体生产更多数量产品和服务的能力。宏观经济学也研究通货膨胀率,或者说从一年到下一年的平均价格水平所增加的百分比。经济学家用国内生产总值衡量总产出,国内生产总值是指一定时期内一国生产的所有最终产品和服务的市场价值。最终产品和服务由最终消费者购买。中间产品和服务是指为了在加工或者转卖用于供别种产品生产使用的物品和劳务,不包含在GDP中。当我们用GDP来衡量总产出,我们同时也测量总收入的价值。GDP被分成了总支出的四个部分:消费,投资,
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