Macroeconomics focuses on the performance of economies – changes in economic output, inflation, interest and foreign exchange rates, and the balance of payments.
Macroeconomics studies the overall economy rather than individual markets. It develops models of the relationships between factors like inflation, national income, unemployment, savings, investment, and international trade. The scope of macroeconomics includes theories of national income, employment, the general price level, economic development, international trade, money, and business fluctuations. Macroeconomics helps businesses understand trends in the domestic and foreign economic environments so they can make informed decisions about expanding or setting marketing strategies.
1. Microeconomics studies individual components of the economy such as consumers, producers, and prices of individual goods, while macroeconomics looks at aggregates for the entire economy such as total output, employment, and income.
2. Microeconomics focuses on partial equilibrium analysis and determining prices through supply and demand, while macroeconomics uses general equilibrium analysis and considers the interdependence between economic variables.
3. Both microeconomics and macroeconomics are important for understanding economic decisions, developing policies, and analyzing fluctuations and growth at different levels of the economy.
Intrduction to macroeconomics - Unitedworld School of BusinessArnab Roy Chowdhury
Macroeconomics is the study of the economy as a whole, including factors such as national income, output, employment, inflation, and trade balances. It analyzes the aggregate effects of individual economic actions. Microeconomics looks at individual decision-making, while macroeconomics examines economy-wide outcomes that emerge from individual choices. Macroeconomists use simplified models to make predictions and design policies to improve economic performance at a national level. The goals of macroeconomic policy include achieving full employment, price stability, economic growth, and reducing poverty.
Macroeconomics is the study of the economy as a whole, including factors such as national income, output, employment, inflation, and trade balances. It focuses on aggregate supply and demand and macroeconomic policies. Microeconomics examines individual decision-making and market interactions, while macroeconomics analyzes economy-wide phenomena. Models are used in macroeconomics to simplify complex realities, make testable predictions, and inform policies to improve performance regarding goals like growth, employment, and stability.
This document discusses the meaning and scope of economics and macroeconomics. It defines economics as the study of how scarce resources are allocated to meet unlimited human wants. Macroeconomics is concerned with aggregate economic performance and topics like unemployment, inflation, growth, and business cycles. The document outlines the importance of macroeconomics for government policymaking and understanding the overall economy. It also discusses some limitations of macroeconomics, such as aggregation issues and its inability to account for internal composition of aggregates.
Macroeconomics studies aggregate economic variables of an entire economy. It analyzes factors like national income, employment levels, inflation rates, and economic growth. Macroeconomics developed after John Maynard Keynes published his influential work on unemployment and effective demand. It examines unemployment, inflation, business cycles, economic growth, and international trade at the national level. Understanding macroeconomic trends is important for business decision-making because business environment is impacted by changes in macroeconomic variables and government policies.
This document provides an overview of microeconomics and macroeconomics. It defines economics as studying how people make choices with limited resources. Microeconomics examines individual units like people and firms, while macroeconomics looks at aggregates for an entire economy. The document outlines different types of micro and macroeconomics analysis and their importance. It also discusses limitations of both approaches and provides examples to illustrate key microeconomic concepts like opportunity cost and production possibility frontiers.
Macroeconomics studies the overall economy rather than individual markets. It develops models of the relationships between factors like inflation, national income, unemployment, savings, investment, and international trade. The scope of macroeconomics includes theories of national income, employment, the general price level, economic development, international trade, money, and business fluctuations. Macroeconomics helps businesses understand trends in the domestic and foreign economic environments so they can make informed decisions about expanding or setting marketing strategies.
1. Microeconomics studies individual components of the economy such as consumers, producers, and prices of individual goods, while macroeconomics looks at aggregates for the entire economy such as total output, employment, and income.
2. Microeconomics focuses on partial equilibrium analysis and determining prices through supply and demand, while macroeconomics uses general equilibrium analysis and considers the interdependence between economic variables.
3. Both microeconomics and macroeconomics are important for understanding economic decisions, developing policies, and analyzing fluctuations and growth at different levels of the economy.
Intrduction to macroeconomics - Unitedworld School of BusinessArnab Roy Chowdhury
Macroeconomics is the study of the economy as a whole, including factors such as national income, output, employment, inflation, and trade balances. It analyzes the aggregate effects of individual economic actions. Microeconomics looks at individual decision-making, while macroeconomics examines economy-wide outcomes that emerge from individual choices. Macroeconomists use simplified models to make predictions and design policies to improve economic performance at a national level. The goals of macroeconomic policy include achieving full employment, price stability, economic growth, and reducing poverty.
Macroeconomics is the study of the economy as a whole, including factors such as national income, output, employment, inflation, and trade balances. It focuses on aggregate supply and demand and macroeconomic policies. Microeconomics examines individual decision-making and market interactions, while macroeconomics analyzes economy-wide phenomena. Models are used in macroeconomics to simplify complex realities, make testable predictions, and inform policies to improve performance regarding goals like growth, employment, and stability.
This document discusses the meaning and scope of economics and macroeconomics. It defines economics as the study of how scarce resources are allocated to meet unlimited human wants. Macroeconomics is concerned with aggregate economic performance and topics like unemployment, inflation, growth, and business cycles. The document outlines the importance of macroeconomics for government policymaking and understanding the overall economy. It also discusses some limitations of macroeconomics, such as aggregation issues and its inability to account for internal composition of aggregates.
Macroeconomics studies aggregate economic variables of an entire economy. It analyzes factors like national income, employment levels, inflation rates, and economic growth. Macroeconomics developed after John Maynard Keynes published his influential work on unemployment and effective demand. It examines unemployment, inflation, business cycles, economic growth, and international trade at the national level. Understanding macroeconomic trends is important for business decision-making because business environment is impacted by changes in macroeconomic variables and government policies.
This document provides an overview of microeconomics and macroeconomics. It defines economics as studying how people make choices with limited resources. Microeconomics examines individual units like people and firms, while macroeconomics looks at aggregates for an entire economy. The document outlines different types of micro and macroeconomics analysis and their importance. It also discusses limitations of both approaches and provides examples to illustrate key microeconomic concepts like opportunity cost and production possibility frontiers.
UNIT 1 - 01 Introduction of Economics (1).pptxpriiyaaa1102
This document provides an introduction to economics, including microeconomics and macroeconomics. It defines economics as the study of how limited resources are allocated to satisfy unlimited human wants. It also discusses the key concepts of economics, including scarcity, choice, and efficiency. Microeconomics examines individual units like consumers and firms, while macroeconomics looks at aggregates for the overall economy, such as GDP, unemployment, and inflation. The document outlines the scope and importance of both microeconomics and macroeconomics.
This document provides an overview of macroeconomics as a subject, including:
- Definitions of macroeconomics as the study of aggregates and averages across the whole economy. It deals with issues like employment, growth, inflation.
- Key differences between microeconomics which looks at individual units, and macroeconomics which looks at the overall economy.
- The importance of macroeconomics in understanding how the economy works overall and for policymaking.
- Limitations of macroeconomics include overgeneralization and issues with aggregates.
- Explanations of the circular flow of income and models showing flows between households, firms, and other sectors in two and three sector economies.
This document discusses the key concepts of economics, business economics, microeconomics, and macroeconomics. It defines economics as dealing with how people earn and spend income, and addresses economic problems related to unlimited wants and limited resources. Business economics applies economic principles to business problems and decision-making. Microeconomics studies individual economic units, while macroeconomics looks at aggregate economic behavior. The roles of business economists include identifying problems, conducting research, and advising firms on decision-making and planning.
This document discusses the key concepts of economics, business economics, and the roles of microeconomics and macroeconomics. It defines economics as dealing with how people earn and spend income, and addresses economic problems arising from unlimited wants and limited resources. Business economics applies economic principles to business problems to aid decision making. The roles of a business economist include identifying issues, providing analysis to inform decisions and planning, and responding to market changes. Microeconomics examines individual economic units while macroeconomics studies aggregate economic behavior.
Economics is the study of how people and societies make choices about production, distribution, and consumption of goods and services. It explains phenomena like rising food costs when gas prices increase and why countries and politicians worry about bankruptcy. Economics looks at how individuals and groups interact in markets to satisfy wants and needs. It is divided into microeconomics, which examines individual agents and markets, and macroeconomics, which looks at aggregates and the overall economy.
A fantastic PPT on the introduction of macroeconomics. The PPT includes meaning and concept of macroeconomics, its importance, its scope and relationship between microeconomics and macroeconomics. Just download it and make your concepts stronger. Happy Learning !!
Premier University
[B.B.A]
Course Teacher: Assistant Professor. Anupam Das
University of Chittagong
Course Title: Managerial Economic
Presentation Subject: Introduction to Managerial Economic
Semester: 7th Section: “A” Batch :22nd
Group Name: D’14
E-mail : mdsaimonchy@yahoo.com
1. What products and styles should I offer to meet customer demand and maximize profits?
2. How should I price my products to be competitive yet profitable?
3. What costs will I incur to operate the business and how can I control costs to ensure profitability?
Macroeconomics studies the overall averages and aggregates of an economy rather than individual components. It analyzes factors such as national income, employment levels, inflation rates, and economic growth. Macroeconomics is useful for understanding economic fluctuations, formulating fiscal and monetary policies, assessing material welfare, and facilitating international comparisons and economic planning. However, its conclusions about aggregates may not always apply to individual units since what is true microeconomically is not always true macroeconomically.
Economics is the study of how societies allocate scarce resources. It examines individual components like industries and households through microeconomics, and analyzes the overall economy through macroeconomics. Economists use the scientific approach of observation, analysis, statistics, and experiments to understand economic phenomena. Their analysis is guided by concepts like scarcity, opportunity cost, and incentives. Economics aims to help individuals, businesses, and governments make better decisions.
Macroeconomics is the study of the behavior and performance of the economy as a whole. It deals with aggregate economic quantities such as output, income, employment, and prices. Macroeconomics analyzes economy-wide phenomena like growth, recessions, inflation, and the impact of fiscal and monetary policy. The goal of macroeconomics is to promote full employment, stability, and economic growth on a national scale.
Difference between Micro Economics and Macro Economicsrprajat007
Microeconomics studies individual economic decision-making units and specific markets, while macroeconomics analyzes the economy as a whole, including output, income, employment, inflation and trade. Microeconomics focuses on price determination and resource allocation, using supply and demand analysis. Macroeconomics examines macroeconomic variables such as GDP, unemployment and inflation, using tools like aggregate demand and supply. Microeconomics takes a bottom-up approach and macroeconomics a top-down one.
Chapter 1Introduction to Macro Economics.pptxSeringNegi1
Prior to Keynes, the business cycles were considered to be inevitable, and there was no concrete approach to solve these problems. These economists known as classical economists focused only on the micro aspects of the economy. The Great depression of 1930 left many of these economists helpless.
In this backdrop, Keynes came up with a new approach to look at the economy.
"The General Theory of Employment Interest and Money“ a book by J.M. Keynes
Economics assignment help plays an essential role in shaping our world and improving our quality of life. Economics assignments are an essential component of the academic curriculum, and they serve several important purposes.
This document outlines the objectives and content of a course on managerial economics. It introduces economic concepts and their importance for managerial decision making. The 5 units of the course cover general foundations, costs and production, market structures, national income and macroeconomics, and the macroeconomic environment. Unit 1 discusses the economic approach, circular flow of activity, objectives of firms, demand analysis, and demand forecasting. It defines managerial economics as the application of micro and macroeconomic principles to optimize business decision making under uncertainty.
This document provides an overview of basic economic concepts including microeconomics, macroeconomics, the basic economic tasks of production and distribution, central direction vs market mechanisms, households as consuming units, firms as producing units, and the role of profit. It defines key terms and outlines the differences between microeconomics which focuses on individual units, and macroeconomics which looks at aggregate economic behavior and variables at a national level. The basic economic tasks that an economy must accomplish are production, distribution, and determining how resources are allocated.
This document provides an overview of microeconomics and macroeconomics. It defines microeconomics as studying small parts of the economy like individual consumers, firms, and prices. Macroeconomics is defined as studying large aggregates and the economy as a whole, including concepts like national income, price levels, and business cycles. The document also outlines some key differences between microeconomics and macroeconomics such as their level of analysis, use of partial vs general equilibrium, and policy orientation. It provides examples of topics covered in each field and their importance.
This document provides an overview of a Principles of Macroeconomics course. It outlines the course content which covers topics such as aggregate expenditure, fiscal policy, money and monetary policy, aggregate demand and supply, unemployment, inflation, economic growth, and open economy macroeconomics. The objectives are to provide students with a basic understanding of macroeconomic concepts and models and enable them to apply their knowledge to current economic issues and policy analysis. The course will be implemented through lectures, discussions, exams and class participation. Suggested textbooks are also listed.
Macroeconomics studies the economy as a whole and focuses on aggregate economic variables such as national income, output, employment and general price levels. It has four main uses: 1) understanding how the economy works; 2) formulating economic policies; 3) making international comparisons; and 4) informing business decisions. The scope of macroeconomics includes theories related to national income, employment, money, prices, and economic growth. It differs from microeconomics in that macroeconomics examines the large-scale or overall economy rather than individual agents.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
UNIT 1 - 01 Introduction of Economics (1).pptxpriiyaaa1102
This document provides an introduction to economics, including microeconomics and macroeconomics. It defines economics as the study of how limited resources are allocated to satisfy unlimited human wants. It also discusses the key concepts of economics, including scarcity, choice, and efficiency. Microeconomics examines individual units like consumers and firms, while macroeconomics looks at aggregates for the overall economy, such as GDP, unemployment, and inflation. The document outlines the scope and importance of both microeconomics and macroeconomics.
This document provides an overview of macroeconomics as a subject, including:
- Definitions of macroeconomics as the study of aggregates and averages across the whole economy. It deals with issues like employment, growth, inflation.
- Key differences between microeconomics which looks at individual units, and macroeconomics which looks at the overall economy.
- The importance of macroeconomics in understanding how the economy works overall and for policymaking.
- Limitations of macroeconomics include overgeneralization and issues with aggregates.
- Explanations of the circular flow of income and models showing flows between households, firms, and other sectors in two and three sector economies.
This document discusses the key concepts of economics, business economics, microeconomics, and macroeconomics. It defines economics as dealing with how people earn and spend income, and addresses economic problems related to unlimited wants and limited resources. Business economics applies economic principles to business problems and decision-making. Microeconomics studies individual economic units, while macroeconomics looks at aggregate economic behavior. The roles of business economists include identifying problems, conducting research, and advising firms on decision-making and planning.
This document discusses the key concepts of economics, business economics, and the roles of microeconomics and macroeconomics. It defines economics as dealing with how people earn and spend income, and addresses economic problems arising from unlimited wants and limited resources. Business economics applies economic principles to business problems to aid decision making. The roles of a business economist include identifying issues, providing analysis to inform decisions and planning, and responding to market changes. Microeconomics examines individual economic units while macroeconomics studies aggregate economic behavior.
Economics is the study of how people and societies make choices about production, distribution, and consumption of goods and services. It explains phenomena like rising food costs when gas prices increase and why countries and politicians worry about bankruptcy. Economics looks at how individuals and groups interact in markets to satisfy wants and needs. It is divided into microeconomics, which examines individual agents and markets, and macroeconomics, which looks at aggregates and the overall economy.
A fantastic PPT on the introduction of macroeconomics. The PPT includes meaning and concept of macroeconomics, its importance, its scope and relationship between microeconomics and macroeconomics. Just download it and make your concepts stronger. Happy Learning !!
Premier University
[B.B.A]
Course Teacher: Assistant Professor. Anupam Das
University of Chittagong
Course Title: Managerial Economic
Presentation Subject: Introduction to Managerial Economic
Semester: 7th Section: “A” Batch :22nd
Group Name: D’14
E-mail : mdsaimonchy@yahoo.com
1. What products and styles should I offer to meet customer demand and maximize profits?
2. How should I price my products to be competitive yet profitable?
3. What costs will I incur to operate the business and how can I control costs to ensure profitability?
Macroeconomics studies the overall averages and aggregates of an economy rather than individual components. It analyzes factors such as national income, employment levels, inflation rates, and economic growth. Macroeconomics is useful for understanding economic fluctuations, formulating fiscal and monetary policies, assessing material welfare, and facilitating international comparisons and economic planning. However, its conclusions about aggregates may not always apply to individual units since what is true microeconomically is not always true macroeconomically.
Economics is the study of how societies allocate scarce resources. It examines individual components like industries and households through microeconomics, and analyzes the overall economy through macroeconomics. Economists use the scientific approach of observation, analysis, statistics, and experiments to understand economic phenomena. Their analysis is guided by concepts like scarcity, opportunity cost, and incentives. Economics aims to help individuals, businesses, and governments make better decisions.
Macroeconomics is the study of the behavior and performance of the economy as a whole. It deals with aggregate economic quantities such as output, income, employment, and prices. Macroeconomics analyzes economy-wide phenomena like growth, recessions, inflation, and the impact of fiscal and monetary policy. The goal of macroeconomics is to promote full employment, stability, and economic growth on a national scale.
Difference between Micro Economics and Macro Economicsrprajat007
Microeconomics studies individual economic decision-making units and specific markets, while macroeconomics analyzes the economy as a whole, including output, income, employment, inflation and trade. Microeconomics focuses on price determination and resource allocation, using supply and demand analysis. Macroeconomics examines macroeconomic variables such as GDP, unemployment and inflation, using tools like aggregate demand and supply. Microeconomics takes a bottom-up approach and macroeconomics a top-down one.
Chapter 1Introduction to Macro Economics.pptxSeringNegi1
Prior to Keynes, the business cycles were considered to be inevitable, and there was no concrete approach to solve these problems. These economists known as classical economists focused only on the micro aspects of the economy. The Great depression of 1930 left many of these economists helpless.
In this backdrop, Keynes came up with a new approach to look at the economy.
"The General Theory of Employment Interest and Money“ a book by J.M. Keynes
Economics assignment help plays an essential role in shaping our world and improving our quality of life. Economics assignments are an essential component of the academic curriculum, and they serve several important purposes.
This document outlines the objectives and content of a course on managerial economics. It introduces economic concepts and their importance for managerial decision making. The 5 units of the course cover general foundations, costs and production, market structures, national income and macroeconomics, and the macroeconomic environment. Unit 1 discusses the economic approach, circular flow of activity, objectives of firms, demand analysis, and demand forecasting. It defines managerial economics as the application of micro and macroeconomic principles to optimize business decision making under uncertainty.
This document provides an overview of basic economic concepts including microeconomics, macroeconomics, the basic economic tasks of production and distribution, central direction vs market mechanisms, households as consuming units, firms as producing units, and the role of profit. It defines key terms and outlines the differences between microeconomics which focuses on individual units, and macroeconomics which looks at aggregate economic behavior and variables at a national level. The basic economic tasks that an economy must accomplish are production, distribution, and determining how resources are allocated.
This document provides an overview of microeconomics and macroeconomics. It defines microeconomics as studying small parts of the economy like individual consumers, firms, and prices. Macroeconomics is defined as studying large aggregates and the economy as a whole, including concepts like national income, price levels, and business cycles. The document also outlines some key differences between microeconomics and macroeconomics such as their level of analysis, use of partial vs general equilibrium, and policy orientation. It provides examples of topics covered in each field and their importance.
This document provides an overview of a Principles of Macroeconomics course. It outlines the course content which covers topics such as aggregate expenditure, fiscal policy, money and monetary policy, aggregate demand and supply, unemployment, inflation, economic growth, and open economy macroeconomics. The objectives are to provide students with a basic understanding of macroeconomic concepts and models and enable them to apply their knowledge to current economic issues and policy analysis. The course will be implemented through lectures, discussions, exams and class participation. Suggested textbooks are also listed.
Macroeconomics studies the economy as a whole and focuses on aggregate economic variables such as national income, output, employment and general price levels. It has four main uses: 1) understanding how the economy works; 2) formulating economic policies; 3) making international comparisons; and 4) informing business decisions. The scope of macroeconomics includes theories related to national income, employment, money, prices, and economic growth. It differs from microeconomics in that macroeconomics examines the large-scale or overall economy rather than individual agents.
Similar to Introduction to Macro Economics.pptx (20)
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Does teamwork really matter? Looking beyond the job posting to understand lab...
Introduction to Macro Economics.pptx
1.
2. 1.1 Meaning of Macro Economics
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 economics.
Macroeconomists study topics such as GDP, Unemployment
rates, National Income, Price Level, output, Consumption,
Inflation, Investment, International Trade and Finance etc..
Prof. Samuelson and Nordhaus “Macro Economics is
the study of the behavior of the economy as a whole. Its
examines the forces that affect many firms, consumers
and workers at the same time.”
3. 1.2 Nature of Macro Economics
1. Economics of Aggregates
2. Use Monetary Expressions
3. No separation between Consumer and Producer
4. Income is a key variable
5. Allocation of resources/ Distribution Theories
6. Income is equal to expenditure
7. General Equilibrium
8. One man’s expenditure is others Income
4. 1.3 Scope of Macro
Economics
Theory of
Income and
Employment
1. Theory of
Consumption
Function
2. Theory of
Investment
Function
Theory of
General
Prices
Theory of
Inflation
Theory of
Deflation
Theory of
Economic
Development
and Planning
Macro
theories of
Distribution
Theories of
Public Finance
Theory of
Trade Cycle
Theories of
Int. Trade
and FOREX
Theory of
Money
and
Banking
5. 1.4 Importance of Macro Economics
1 • Explain functioning of an Economy
2 • Formation of Macro Economic Policy
3 • Help to achieve Economic Growth
4 • Help to stabilize the prices
5 • Avoid dynamic effects on the Economy
6 • Help to understand sector wise performance
7 • Solve the Macro Economic problems
8 • Preparing Macro Economic models
9 • Empirical Analysis
6. 1.5 Limitations of Macro Economics
1 • Aggregate may not true for individuals
2 • Complicated Analysis
3 • Statistical and conceptual difficulties
4 • Aggregates are not homogeneous
5 • Avoid dynamic effects on the Economy
6 • Misleading conclusions
7 • Ignorance of individual approach
8 • Excessive generalization