"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 economy as a whole, including inflation, GDP, and government policies.
GDP: This is the total value of goods and services produced in a country within a given period of time. It's an important indicator of a country's economic health.
Inflation: This refers to the general increase in the price level of goods and services over time. It's a crucial factor that affects economic growth.
Unemployment: This refers to the number of people who are not employed but are actively seeking work. It's an important aspect that affects the economy as a whole.
Fiscal policy: This refers to the use of government expenditure and taxation to influence the economy. It's an integral part of macroeconomic policy.
Monetary policy: This refers to the use of the central bank's tools, such as interest rates and open-market operations, to influence the economy. It's another vital aspect of macroeconomic policy.
International trade: This refers to the exchange of goods and services between countries. It's a significant driver of economic growth.
Exchange rates: This refers to the rates at which currencies can be exchanged. It's a crucial factor that affects international trade.
Economic growth: This refers to the increase in the production of goods and services over time. It's an important goal of economic policy.
Public debt: This refers to the amount of money that a country owes to its creditors. It's an essential aspect that affects the economy as a whole.
Balance of payments: This refers to the difference between a country's exports and imports. It's a significant factor that affects the overall economy.
Economic indicators: These are statistical measures that reflect the economic performance of a country. They include GDP, inflation, unemployment rate, and others.
Aggregate demand: This refers to the total amount of goods and services that consumers, businesses, and governments want to buy. It's an important component of macroeconomic policy.
Aggregate supply: This refers to the total amount of goods and services that businesses in an economy are willing to sell. It's another vital component of macroeconomic policy.
Economic growth models: These are theoretical frameworks that explain how an economy can grow over time. They include neoclassical, Keynesian, and endogenous growth models.
Economic systems: These are different ways in which societies organize their economic activities. They include capitalism, socialism, and mixed economies.
Economic policies: These are government measures that aim to achieve specific economic goals, such as higher economic growth, lower inflation, or lower unemployment.
Macroeconomic equilibrium: This refers to the point at which the aggregate demand and aggregate supply in an economy are equal. It's an important concept in macroeconomics.
Phillips curve: This is a graphical representation of the inverse relationship between inflation and unemployment. It's an essential concept in macroeconomics.
Business cycles: These are the natural fluctuations in economic activity that occur over time. They include expansion, peak, contraction, and trough.
Supply-side economics: This is an economic theory that emphasizes the role of supply-side policies, such as tax cuts and deregulation, in promoting economic growth.
Fiscal Policy: This refers to the use of government spending, taxation and borrowing as a means of regulating the level of economic activity.
Monetary Policy: This refers to the actions taken by the central bank of a country to regulate the money supply, interest rates, and credit conditions in the economy in order to achieve the desired economic objectives.
Trade Policy: This refers to the government's policies related to international trade, such as tariffs, quotas, subsidies, and other trade barriers.
Industrial Policy: This refers to the government's policies related to the development of industry, technology and innovation, and involves government interventions in areas such as research and development, education, and infrastructure.
Education Policy: This refers to the government's policies related to education, including funding, curriculum development, and education standards.
Health Policy: This refers to the government's policies related to healthcare, including funding, regulation of healthcare providers and insurance, and public health initiatives.
Environmental Policy: This refers to the government's policies related to the protection of the environment, including regulation of emissions and pollution, conservation and renewable energy.
Labor Policy: This refers to the government's policies related to labor force participation, such as minimum wage laws, workplace regulations, and unionization.
Agricultural Policy: This refers to the government's policies related to agriculture, including subsidies, trade agreements, and regulatory measures.
Infrastructure Policy: This refers to the government's policies related to the development and maintenance of infrastructure, including transportation, communications, and public utilities.
"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."