Editing Macroeconomics (section)

===Output and income===
National [[Output (economics)|output]] is the total amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income. The total [[net output]] of the economy is usually measured as [[gross domestic product]] (GDP). Adding net [[factor income]]s from abroad to GDP produces [[gross national income]] (GNI), which measures total income of all residents in the economy. In most countries, the difference between GDP and GNI are modest so that GDP can approximately be treated as total income of all the inhabitants as well, but in some countries, e.g. countries with very large [[net foreign assets]] (or debt), the difference may be considerable.<ref name=Blanchard/>{{rp|385}}

Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other [[Capital (economics)|capital]], and better education and [[human capital]], are all factors that lead to increased economic output over time. However, output does not always increase consistently over time. [[Business cycle]]s can cause short-term drops in output called [[recession]]s. Economists look for [[#Macroeconomic policy|macroeconomic policies]] that prevent economies from slipping into either [[recession]]s or [[Overheating (economics)|overheating]] and that lead to higher [[productivity]] levels and [[standards of living]].