Các ngành kinh tế kinh tế vi mô gọi là nghiên cứu vấn đề này từ quan điểm của cá nhân các doanh nghiệp và người tiêu dùng | PART 3 Exchange Rates and Open-Economy Macroeconomics 293 CHAPTER 12 National Income Accounting and the Balance of Payments Over the decade from 1991 to 2000 Japan s national product grew at an annual average rate of only percent while that of the United States grew by nearly percent per year. At the same time japan s unemployment rate rose reaching nearly 5 percent and overtaking that of the United States for the first time in fifty years. In 2001 however the . economy entered a recession and the entire world economy slowed. Can economic analysis help us to understand both the interdependencies among national economies as well as the reasons why their fortunes often differ Previous chapters have been concerned primarily with the problem of making the best use of the world s scarce productive resources at a single point in time. The branch of economics called microeconomics studies this problem from the perspective of individual firms and consumers. Microeconomics works from the bottom up to show how individual economic actors by pursuing their own interests collectively determine how resources are used. In our study of international microeconomics we have learned how individual production and consumption decisions produce patterns of international trade and specialization. We have seen that while free trade usually encourages efficient resource use government intervention or market failures can cause waste even when all factors of production are fully employed. With this chapter we shift our focus and ask How can economic policy ensure that factors of production are fully employed And what determines how an economy s capacity to produce goods and services changes over time To answer these questions we must understand macroeconomics the branch of economics that studies how economies overall levels of employment production and growth are determined. Like microeconomics macroeconomics is concerned with the effective use of scarce resources. But while .
