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MEANING OF MACRO ECONOMICS
A CONCEPTUAL SERIES FOR COMPETITIVE EXAM FOR COMMERCE AND MANAGEMENT LECTURE 2
A CONCEPTUAL SERIES FOR COMPETITIVE EXAM FOR COMMERCE AND MANAGEMENT LECTURE 2
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MACRO ECONOMICS
Ø CONTENT OF
THIS LECTURE:
1.
A NEW SERIES ON CONCEPTUAL CONCEPT IS INTRODUCED
FOR PREPARATION FOR
2. EXPLAINED THE MEANING OF MACRO ECONOMICS AND
ITS FEATURES
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MEANING AND DEFINITION
IT HAS ITS
ORIGIN IN THE GREEK LANGUAGE TERM ‘ MAKROS’
WHICH MEANS LARGE. IT STUDIES ECONOMIC PROBLEMS FROM THE POINT OF VIEW OF
ENTIRE ECONOMY,E.G. AGGREGATE EMPLOYMENT, NATIONAL INCOME, GENERAL PRICE LEVEL
ETC. STUDY OF THE ECONOMIC SYSTEM AS WHOLE.
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MACRO ECONOMICS IS THAT BRANCH OF ECONOMICS
THAT STUDIES THE BEHAVIOR AND PERFORMANCE OF AN ECONOMY AS WHOLE. IT FOCUSED ON THE AGGREGATE CHANGES IN THE ECONOMY SUCH AS UNEMPLOYMENT,GROWTH RATES,GROSS
DOEMSTIC PRODUCT ETC
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FEATURES
1.
STUDY OF AGGREGATES: CONCERNED WITH CONCEPT
SUCH AS AGGREGATE DEMAND,AGGREGATE SUPPLY,TOTAL OUTPUT,GENERAL PRICE LEVEL
2.
LUMPING METHOD: GENERAL PRICE LEVEL NOT PRICES
OF INDIVIDUAL PRODUCT
3.
GENERAL EQUILIBRIUM, ANALYSIS:-BEHAVIOR OF
AGGREGATES AND THEIR INTERDEPENDENCE. FOR EXAMPLE A CHANGE IN INCOME LEVEL
RESULT IN CHANGES IN SAVING AND MAY INFLUENCE INVESTMENT
4.
USEFUL TO GOVERNMENT FOR FORMULATION AND
IMPLEMENTATION OF VARIOUS POLICIES
5.
A MAJOR TASKS IS THE DETERMINATION OF NATIONAL
INCOME ALSO STUDIES THE FACTORS WHICH INFLUENCE NATIONAL INCOME AND CAUSE OF
TRENDS
6.
GIVES AN OVERALL VIEW OF THE ECONOMY
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