Macroeconomics is the study of economics on a large scale. It studies the behavior of the aggregate economy. Macroeconomics is the study of the behavior of the overall economy. Macroeconomics is focused on the movement and trends in the economy as a whole, while in microeconomics the focus is placed on factors that affect the decisions made by firms and individuals. In macroeconomics we study the aggregate outcomes of economic behaviour. It is the study of the behavior an economy at the aggregate level, as opposed to the level of a specific subgroups or individuals. Macroeconomics is the economics sub-field of study that considers aggregate behavior, and the study of the sum of individual economic decisions. It examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. Macroeconomic deals with the functioning of the economy as the whole. It is concerned with economy wide issues such as unemployment, inflation, and economics growth/development; it is the study of economics from a broad perspective of the resources and factors of production in an economy. Macro-economic theory involves the construction and use of models of the whole, ‘macro’, economy. Macroeconomics considers the performance of the economy as a whole. Macroeconomics is concerned primarily with the forecasting of national income, through the analysis of major economic factors that show predictable patterns and trends, and of their influence on one another. Macroeconomists see how all of the pieces of the economy fit together – firms, households, the government, trading partners – and distill the major economic trends that are going to affect the environment for firms and households.
The study of macroeconomics has led to the use of governmental policies to effect economic change, with the hope of avoiding depressions and other economic shocks. The two key tools used to manage national economies are fiscal and monetary policies. Policies developed from this field of economics have wide effects — as a rule, they are the politics that make the evening news. Macroeconomics is a very general field that concerns itself primarily with large scale indicators, such as unemployment rates, and with the creation of models meant to explain relationships between those indicators. It is also considered the complement to microeconomics, which studies the actions of individuals rather than larger scales. Macro-economics is traditionally broken down into macro-economic theory and macro-economic policy. Economists build such models so that they can explain the structure of an economy, and the role and significance of the parts that make up this structure. Macroeconomics is not concerned with analysing how each individual person, household or business firm behaves or what they produce or earn – that is the terrain of the other major branch of economic analysis, microeconomics. Macroeconomics focuses on a selected few outcomes at the aggregate level and is rightly considered to be the study of employment, output and inflation in an international context. For example, a macroeconomist might consider the industrial sector, the services sector or the farm sector, but he/she will not consider specific parts of any of these sectors. Factors studies include inflation, unemployment, and industrial production, often with the aim of studying the effect of government policy on these factors. Thus macroeconomics focuses on broad-based indicators of national economic performance, like GDP output, balance of trade, and employment levels. Macroeconomics can be contrasted against microeconomics, which is the study of the economic behavior of the individual firm and consumer.
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