EC101 Introduction to macroeconomics is the part of economics that examines the performance and behaviour of an economy as a whole. Macroeconomics concerns with aggregate changes in the economy such as growth rate, unemployment, inflation, and domestic production. It examines all aggregate indicators and the microeconomics elements that shape the economy. Private corporations and Government use macroeconomic models to aid in formulating economic strategies and economic policies. It is concerned with the comprehension of economy-wide affairs and likes the general behaviour of prices and the total amount of goods and services produced. The main aim of the macroeconomics study is to explore problems, principles, and policies related to the attainment of full employment and expansion of production volume. It’s concerned with how distinct economic sections such as industry, government, and household make their decisions wisely.
There are two important areas of research in macroeconomics; long-term economic growth and short term business cycle. In macroeconomics, economists employ aggregate measures like GDP, CPI, and employment rate to examine the large scale results of individual decisions. Fiscal and monetary policy are the 2 main policies of macroeconomics. Both forms of policy help in maintaining the stability of the economy that can increase the rate of GDP with the high rate of employment. These policies will help the economy to attain its goals like growth, employment, and stability to focus on limiting the effect of the market cycle.
To understand the base of macroeconomics, you need to know about the basic difference between two factors of economics (micro and macro).
Fundamentals of economic theory with a discussion of money and banking, national income, determination of income and employment, monetary and fiscal policy, economic fluctuations, the balance of payments and international trade.
Output and Income:- Public output is the aggregate sum of everything a nation produces in a given timeframe. All that is delivered and sold creates an equivalent measure of pay. The absolute yield of the economy is the estimated GDP per individual. The output and income are generally viewed as the same and the two terms are frequently utilized conversely, output changes into income.
Unemployment:- The major important component of macroeconomics because the quantity of unemployment is calculated by the unemployment rate; it means the number of workers without work in the labour force. An unemployment rate consists of those labour force in it that are looking for work but couldn’t get the work.
Inflation and Deflation:- A common price increase across the whole economy is known as inflation whereas when price decreases it is known as deflation. Economics experts calculate these changes with the help of a price index. Inflation takes place when an economy becomes scorching and grows too fastly. On the other hand, a declining economy leads to deflation.
Overall macroeconomics moves around the economy as a whole. Deals with the questions like causes of recessions, high rate of unemployment, reasons of unemployment and why some other countries are growing faster than others? It also talks about the question difference between countries over the higher standard of living. These all questions and queries addressed by macroeconomics. It includes adding up the economic activity of all businesses and households in all types of markets to get the overall demand and supply in the economy.
In short EC101 introduction to macroeconomics, objectives are mentioned below:-
According to The London School of Economics and Political Science present the outcome of this course:-
From the students perspective, macroeconomics is the field of great opportunity for being top economists and economic reformers. The course is designed according to the need of productive economics reformers who can deliver their services later for the nation of generating more policies and raise the level of GDP in the nation. In order to learn macroeconomics in-depth, universities assign them with the economic assignment that contains both the factors of the economy (micro and macroeconomics).
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