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Concept of the Macro Economy

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Here is what I need to get "smart" on:

I need to discuss the concept of the macro economy. Specifically:

1. How do we define the total value of economic output and how do we measure it?
2. What are the major performance goals that we set for the economy, and how do we measure the performance?
3. Finally, discuss (in depth) the concept of macro economic equilibrium in terms of injections and withdrawals from the circular flow of wealth and in terms of aggregate demand and aggregate supply.

If you could explain these things with a bit of detail, but in reasonably basic terms to the point where I might be able to get a fundamental understanding, I'm hoping that the textbook(s) will make more sense to me. I would certainly appreciate it.

I just need someone to take the time to explain this to me without telling me to "Read the book." I've already read the book.

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Solution Summary

Discuss the concept of the macro economy.

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