"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): The market value of all final goods and services produced within a country's borders in a given time period. It is one of the most commonly used measures of a nation's economic output and is used to gauge the overall health of an economy.
Inflation: A sustained increase in the general price level of goods and services in an economy over a period of time. Inflation is measured by changes in the Consumer Price Index (CPI) and is influenced by factors such as government policy, supply and demand, and international trade.
Unemployment: The percentage of the labor force that is not currently employed but is actively seeking employment. Unemployment rates vary by region, industry, and demographic group, and can be affected by factors such as changes in government policy, shifts in the economy, and advancements in technology.
Fiscal Policy: The use of government spending and taxation to influence the economy. Fiscal policy is employed to promote economic growth, stabilize prices, and reduce unemployment.
Monetary Policy: The use of monetary tools such as interest rates, money supply, and credit availability to influence economic activity. Monetary policy is used to promote price stability, control inflation, and support economic growth.
International Trade: The exchange of goods and services between countries. International trade is influenced by factors such as currency exchange rates, trade agreements, and geopolitical considerations.
Exchange Rates: The value of one currency relative to another. Exchange rates are influenced by factors such as international trade, government policy, and global economic conditions.
Aggregate Demand and Supply: The total demand for and supply of goods and services in an economy. Aggregate demand and supply determine the overall level of output, price levels, and employment rates in an economy.
Economic Growth: An increase in the production of goods and services in an economy over time. Economic growth is influenced by factors such as technological advancements, changes in the labor force, and government 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."