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What Makes Macroeconomics So Important

What Makes Macroeconomics So Important

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Published by ClassOf1.com
Macroeconomics is the branch of economics that studies the economic principles which apply to economy as a whole. It is concerned with the structure, performance, decision making and behavior of economy as a whole instead of individual markets or individual consumers. Global economies, national economies as well as regional economies, all three are studied under the field of macroeconomics.
Macroeconomics is the branch of economics that studies the economic principles which apply to economy as a whole. It is concerned with the structure, performance, decision making and behavior of economy as a whole instead of individual markets or individual consumers. Global economies, national economies as well as regional economies, all three are studied under the field of macroeconomics.

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Published by: ClassOf1.com on Dec 19, 2013
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Macroeconomics
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The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Macroeconomics
What Makes Macroeconomics So Important
 What is macroeconomics?
Macroeconomics is the branch of economics that studies the economic principles which apply to economy as a whole. It is concerned with the structure, performance, decision making and behavior of economy as a whole instead of individual markets or individual consumers. Global economies, national economies as well as regional economies, all three are studied under the field of macroeconomics.
 What does Macroeconomics deal with?
In order to understand the functioning of an economy, macroeconomists study and examine aggregate indicators like unemployment rates, GDP, price indices etc. The models developed by the macroeconomists are helpful in explaining the relationships between national income, consumption, output, inflation, unemployment, international trade, saving , investment and international finance.  While microeconomics focuses on individual firms and consumers, macroeconomics is a broader field which deals with areas of research such as understanding the consequences and causes of the short run fluctuations in the national income (business Cycle) and understating the factors which determine long run economic growth. A variety of variables and concepts come under macroeconomics. Out of these, the central topics for research are inflation, output and unemployment.
Macroeconomics and it uses
The study of macroeconomics is extremely important. The models and forecasts of macroeconomics are useful for the governments as these assists in evaluating and developing the economic policies. It is necessary to have a good understanding of the principles of economics in order to make sure the economic policies are suitable and beneficial for an economy.
 
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The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Macroeconomics
The importance of topics such as output, inflation and unemployment is not limited to macroeconomic theory. These topics are essential for economic agents such as workers, producers and consumers as well. Owning to business cycles, short term drops known as recessions are caused in the output. Economists study and search for macroeconomics policies which may save economies from recessions and which may help in faster long term growth. Fiscal policy and monetary policy are the tools used for implementing the macroeconomic policy. Fiscal and monetary policy is used for stabilization of the economy. Those who study macroeconomics generally deal with topics such as measurement of economic performance, basic economic concepts, national income, open economy, economic growth and productivity, stabilization policies etc. The study of macroeconomics is useful for economists, governments and policy makers to understand the problems which affect the growth of an economy and find suitable solutions for tackling such problems.

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