"Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole."
The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
Gross Domestic Product (GDP): A measure of the total production of goods and services in a country over a specific period of time.
Inflation: The rate at which the general price level of goods and services in an economy is increasing over time.
Unemployment: The number of people who are without a job and actively seeking employment but unable to find it.
Fiscal Policy: Government policies related to taxation and government spending, typically aimed at influencing the level of economic activity.
Monetary Policy: Government policies related to the control of the money supply, typically aimed at influencing interest rates and the level of economic activity.
National Income Accounting: The process of measuring the output, income, and expenditure of an economy.
Aggregate Demand and Aggregate Supply: The total demand for goods and services in an economy and the total supply of goods and services in an economy, respectively.
Business Cycles: The pattern of economic expansion and contraction over time.
Financial Markets: The markets in which financial instruments, such as stocks, bonds, and currencies, are traded.
International Trade: The exchange of goods and services between countries, and the policies and regulations that govern those exchanges.
Economic Growth: The increase in the production of goods and services over time.
Economic Development: The process of improving the standard of living and well-being of a population through economic growth and other social, political, and cultural factors.
Public Goods and Externalities: Goods and services that have public benefits or costs, respectively, which are not reflected in market prices.
Game Theory and Market Structures: The study of strategic decision-making in situations where the outcomes depend on the actions of other individuals.
Risk and Uncertainty: The likelihood of uncertain outcomes and the potential costs or benefits associated with them.
Public economics: Studies the role of the government in the economy, such as taxation, public goods and services, and welfare policies.
International economics: Studies the global economy and its impact on national economies, including trade, international finance, and economic integration.
Development economics: Focuses on the economic growth and development of countries, including poverty reduction, inequality, and institutional reform.
Behavioral economics: Studies the effects of psychological, social, and emotional factors on economic decision-making and outcome.
Environmental economics: Studies the relationship between the economy and the environment, including climate change, natural resource management, and environmental policy.
Financial economics: Studies the behavior of financial markets and the financial decisions of individuals and firms, including asset pricing, investment, and risk management.
Health economics: Studies the economics of healthcare, including healthcare financing, healthcare delivery, and health policy.
"Macroeconomists study topics such as output/GDP and national income, unemployment, price indices and inflation, consumption, saving, investment, energy, international trade, and international finance."
"The focus of macroeconomics is often on a country (or even larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics, the focus of analysis is often a single market."
"Macroeconomics and microeconomics are the two most general fields in economics."
"From introductory classes in 'principles of economics' through doctoral studies, the macro/micro divide is institutionalized in the field of economics. Most economists identify as either macro- or micro-economists."
"Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the business cycle, the determination of structural levels of variables like inflation and unemployment in the medium term, and the study of long-term economic growth."
"Macroeconomics as a separate field of research and study is generally recognized to start in 1936, when John Maynard Keynes published his The General Theory of Employment, Interest and Money."
"Since World War II, various macroeconomic schools of thought like Keynesians, monetarists, new classical and new Keynesian economists have made contributions to the development of the macroeconomic research mainstream."
"It also studies the consequences of policies targeted at mitigating fluctuations like fiscal or monetary policy, using taxation and government expenditure or interest rates, respectively."
"The determination of structural levels of variables like inflation and unemployment in the medium term."
"The performance, structure, behavior, and decision-making of an economy as a whole."
"Large-scale phenomena that economists refer to as aggregate variables."
"The focus of analysis is often a single market, such as whether changes in supply or demand are to blame for price increases in the oil and automotive sectors."
"Policies that can affect living standards in the long term, e.g. by affecting growth rates."
"Policies targeted at mitigating fluctuations like fiscal or monetary policy using taxation and government expenditure or interest rates, respectively."
"To understand and explain the performance, structure, behavior, and decision-making patterns of an entire economy."
"Output/GDP and national income, unemployment, price indices and inflation, consumption, saving, investment, energy, international trade, and international finance."
"By studying the consequences of policies and their impact on fluctuations, living standards, and long-term growth."
"Keynesians, monetarists, new classical and new Keynesian economists have made contributions to the development of the macroeconomic research mainstream."
"The analysis of short-term fluctuations, determination of medium-term structural levels, and the study of long-term economic growth."