Jul 02, 2019 · Macroeconomics can be thought of as the big-picture version of economics. Rather than analyzing individual markets, macroeconomics focuses on aggregate production and consumption in an economy. Topics that macroeconomists study include:
Macroeconomics involves looking at some big numbers! GDP is a good example, or figures for a country’s balance of payments. In macroeconomics we look at things ‘in the whole’ and, in doing so, we use these terms:
Macroeconomics (from the Greek prefix makro-meaning "large" + economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies .
Jun 29, 2019 · Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy, and microeconomics, which focuses on individual consumers and businesses.
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It should be clear by now that economics covers a lot of ground. That ground can be divided into two parts: Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; Macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports. Microeconomics and macroeconomics are not separate subjects, but rather complementary perspectives on the overall subject of the economy.
To understand why both microeconomic and macroeconomic perspectives are useful, consider the problem of studying a biological ecosystem like a lake. One person who sets out to study the lake might focus on specific topics: certain kinds of algae or plant life; the characteristics of particular fish or snails; or the trees surrounding the lake. Another person might take an overall view and instead consider the entire ecosystem of the lake from top to bottom; what eats what, how the system stays in a rough balance, and what environmental stresses affect this balance. Both approaches are useful, and both examine the same lake, but the viewpoints are different. In a similar way, both microeconomics and macroeconomics study the same economy, but each has a different viewpoint.
Whether you are looking at lakes or economics, the micro and the macro insights should blend with each other. In studying a lake, the micro insights about particular plants and animals help to understand the overall food chain, while the macro insights about the overall food chain help to explain the environment in which individual plants and animals live.
In economics, the micro decisions of individual businesses are influenced by whether the macroeconomy is healthy; for example, firms will be more likely to hire workers if the overall economy is growing. In turn, the performance of the macroeconomy ultimately depends on the microeconomic decisions made by individual households and businesses.
In this economics course, you will learn some of the major concepts of macroeconomics, such as gross domestic product, price level, inflation, unemployment, economic growth and the balance of payments.
Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Apr 30, 2020 · Microeconomics is the social science that studies the implications of individual human action, specifically about how those decisions affect the utilization and distribution of scarce resources ...
Economics is concerned with the well-being of all people, including those with jobs and those without jobs, as well as those with high incomes and those with low incomes. . Economics acknowledges that production of useful goods and services can create problems of environmental polluti
Aug 04, 2020 · NCERT Solutions for Class 12 Economics II Chapter 6 Open Economy Macroeconomics – Here are all the NCERT solutions for Class 12 Economics I Chapter 6. This solution contains questions, answers, images, explanations of the complete chapter 6 titled Open Economy Macroeconomics taught in Class 12.