PSG INSTITUTE OF MANAGEMENTMBA 2011-13 BATCHI Trimester
Session XV- For Batch C and DBusiness Decisions and Government
ECONOMICS FORMANAGERS
10th Oct 2011
1
EFM Faculty P.Uday Shankar
Macroeconomics
Macroeconomics is the study of theaggregated effects of the decisions of economic units.
The economic units are the firms andhouseholds.
While in microeconomics we focused onthe decisions of individual units , inmacroeconomics we look at the behaviour of entire economies.
10th Oct 2011
2
EFM Faculty P.Uday Shankar
ggregaon anMacroeconomics
10th Oct 2011EFM Faculty P.Uday Shankar
3
An economic aggregate is simply anabstraction that people use to describe somesalient feature of economic life.
The process by which real objects such aslaptops, cinema tickets, steel, cars , etc arecombined into an abstraction called totaldomestic product is an aggregation.
The same demand and supply curves wedrew for the firms can be applicable here too.In this case the demand curve becomesAggregate Demand and the supply curvebecomes Aggregate Supply curve.
Gross Domestic Product (GDP) is the sum of the money values of all final goods andservices produced in the domestic economy
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