Macroeconomics

Macroeconomics

Macroeconomics (pronunciation: /ˌmakrōˌēkəˈnämiks/) is a branch of Economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.

Etymology

The term "Macroeconomics" is derived from the Greek prefix makro- meaning "large" + economics. It was first coined by the Norwegian economist Ragnar Frisch in 1933.

Related Terms

• Microeconomics: While macroeconomics looks at the economy as a whole, microeconomics focuses on the individual units within an economy.
• Gross Domestic Product (GDP): This is one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period.
• Inflation: This is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
• Unemployment: This refers to the number of people in an economy who are willing and able to work, but cannot find jobs.
• Fiscal Policy: This is the use of government revenue collection (taxation) and expenditure (spending) to influence a country's economy.
• Monetary Policy: This is the process by which the monetary authority of a country (like a central bank) controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.

External links

• Medical encyclopedia article on Macroeconomics
• Wikipedia's article - Macroeconomics

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