Macroeconomics is involved in our daily lives to sustain the modern economic system. The state of an economy, prices of goods and services, taxes, subsidies, social benefits all are related to the macroeconomic context. The importance of macroeconomics can be learned by the students and can be shown through the needs of Macro Economics Assignment Help Online.
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Meaning of macroeconomics
The term “macro” is derived from the Greek word “makros”. The meaning of Makros is large. After the publication of “General theory of employment, interest, and money” by J. M. Keynes in 1936, the use of macroeconomics has increased. Not only Keynes there are several classical economists Walras, Robert Malthus, Irving Fisher, Karl Marx and so many economists who have developed the macro-economic analysis.
What is Macroeconomics
It is a branch of economics that is focused on the economy as a whole or aggregates the outcome of an event in the economy. It is also called the Income Theory. The macroeconomic variables are -national income, national output, employment, aggregate demand, aggregate supply, price, etc. Macroeconomics is the study of the economic system. Also, private consumption expenditure, exports, imports, private investment are included in macroeconomics.
Macroeconomics is not related to an individual unit for making decisions rather aggregate all the individuals together to represent a complete picture of an economy. It is also called aggregative economics. Overall dimensions of economic life can be observed with the help of macroeconomics. Macroeconomics also studies the cycles, fluctuations, and growth of economic activity as well.
Importance of Macroeconomics
● The macroeconomic analysis is very important in present years to understand the economic problems of an economy such as poverty, unemployment, inflation, etc.
● It is important to know all the aspects of an economy before the formulation or execution of any policies taken by the government. The policies can be related to reducing poverty, unemployment of an economy. The study of macroeconomics has become very important in this context.
● The functions of the economy whether the system is complex or simple can be studied with the help of microeconomics. The national aggregates can help to understand the economic system.
● It also helps to clear the concept of microeconomics.
● Economic growth and development can be observed by the use of macroeconomic theories. This can help to understand the process of income generation, reduce problems and increase the efficiency of factors.
● One of the main objectives of study economics is the welfare of society.
● Theory of inflation can also help to solve the inflation problem as the dimension of economic growth.
● The international comparisons are also possible by using macroeconomics theories and factors.
● Also, business firms have to be concerned about the macroeconomic factors of the economy to make their business decisions related to the production, profits, and costs as well.
Uses of Macroeconomics
It is important to know the concepts of macroeconomics to understand the mechanism of the economic situations all over the world. Macroeconomics used by –
● households
● business purposes
● governments
● policymakers, etc.
It can be used to understand the function of the economy, mechanism of an economy, formulation of policies, controlling economic fluctuations, economic growth, and development, etc. Also it can be used to remove the problems in an economy as a whole such as -poverty, unemployment, lower national income, lower growth, lower development, lower GDP, etc.
Theories of Macroeconomics
There are several theories of macroeconomics that are used to make macro-economic decisions. Such as-
● Theory of price and inflation
● Theory of economic growth
● Business cycle
● Macro theory of distribution
● Theory of employment
● Theory of consumption
● Theory of investment.
Important concepts of Macroeconomics
The macroeconomic concepts are divided among different schools that are made by a different group of people who are following different explanations of any context. There are two main conceptual schools of macroeconomics - classical theory and Keynesian theory.
Classical theory:
Classical theory is based on the say’s law market which depicts that “Supply creates its own demand”. Following this concept, the describes that production of any goods and services creates an equivalent demand in the market which results in no overproduction or underproduction. So there exists full employment in the market always. This mechanism can be based on the wage and price flexibility and perfect competition exists in the labor and product market and the economy is a closed economy.
Keynesian theory:
Keynesian theory is based on the principles of effective demand. The “Effective demand” represents the total demand for goods and services in an economy at different levels of employment. Where the aggregate demand and aggregate supply equals that is the level of employment of the economy. It is not necessarily the full employment level of the economy rather than the underemployment situation. To reach the full employment level investment demand has to play an important role.
Macroeconomics topics for assignment
Macroeconomics is a vast area to study by the students. There are lots of students who are confused and asked about how to Do my macroeconomics homework online. They can use several topics for their assignments as well as for projects. There are lots of macroeconomic topics that can be used, such as-
● GDP and growth
● cost of living
● unemployment
● inflation
● debt of an economy
● productivity
● savings and investment
● aggregate demand and supply, etc.
To work with different topics of macroeconomics students must have to learn with interest and gain in-depth knowledge. Students can search for Macroeconomics Homework help to complete their projects, assignments, etc. They can get Macro Economics Assignment Help Online from different sites.
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