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(from the greek prefix makro- (meaning ‘large’) + ‘economics’)
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*’macro-economics’ is a ‘branch’ of ‘economics’ dealing with the [‘performance’ / ‘structure’ / ‘behavior’ / ‘decision-making’] of an ‘economy’ as a whole*
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(this includes national, regional, and global economies)
(‘macroeconomics’ and ‘microeconomics’, a pair of terms coined by ‘Ragnar Frisch’, are the 2 most general fields in economics)
(in contrast to ‘macroeconomics’, ‘microeconomics’ is the branch of ‘economics’ that studies the behavior of ‘individuals’ and ‘firms’ in making decisions and the interactions among these individuals and firms in narrowly-defined markets)
(“macroeconomists” study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the different sectors of the economy to better understand how the whole economy functions)
(macroeconomists develop models that explain the relationship between such factors as ‘national income’, ‘output’, ‘consumption’, ‘unemployment’, ‘inflation’, ‘savings’, ‘investment’, ‘international trade’, and ‘international finance’)
(while ‘macroeconomics’ is a broad field of study, there are 2 areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run ‘fluctuations’ in ‘national income’ (the ‘business cycle’), and the attempt to understand the determinants of long-run ‘economic growth’ (increases in ‘national income’))
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(‘macro-economic models’ and their ‘forecasts’ are used by governments to assist in the ‘development’ + ‘evaluation’ of ‘economic policy’)
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👈👈👈☜*“ECONOMIC CONCEPTS”* ☞ 👉👉👉
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💕💝💖💓🖤💙🖤💙🖤💙🖤❤️💚💛🧡❣️💞💔💘❣️🧡💛💚❤️🖤💜🖤💙🖤💙🖤💗💖💝💘
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*🌈✨ *TABLE OF CONTENTS* ✨🌷*
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🔥🔥🔥🔥🔥🔥*we won the war* 🔥🔥🔥🔥🔥🔥