March 18, 202503:11:18 AM

What is Marco-Economics?

Macro-Economics
It is that branch of economics, which studies the aggregates, and average of the economy and causes of fluctuations in them with a view of focusing on economy as a whole. 
OR
The study of average of the entire economy such as national income, aggregate output, total employment, total consumption, saving and investment of prices.



Areas of Macro-Economics:

The following areas are covered in macro economics.
  •  National output and national income.
  •  Balance of trade and balance of payment.
  •  Internal value of money and external value of money.
  •  Savings, investments and employment.
  •  Economic growth and economic development.
  •  Fluctuations in economic activities i.e. trade or business cycle.
  •  Monetary, fiscal and commercial or trade policies.
  •  General price level, inflation, deflation and devaluation.
  •  Public finance i.e. public revenue, public expenditure, public debt and deficit financing.
  •  Aggregate output and aggregate supply of goods and services.
  •  Nationalization and privatization of the corporate sector.
     Importance:

  • Helpful in understanding the determination of income & employment. 
  • Determination of general price level in the economy.
  • Information about economic growth and development of the country.
  • Helps in the measurement of national income and its disturbution of country.
  • Provides knowledge about international trade & business cycle.
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