Macroeconomics is the study of the economy as a whole which includes topics such as unemployment, economic growth and inflation.
Definition: Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.
Subsequently, question is, which of the following covers the study of topics such as inflation or unemployment? Macroeconomics is the study of the economy as a whole which includes topics such as unemployment, economic growth and inflation. You just studied 24 terms!
Also asked, which topic is studied in macroeconomics quizlet?
The topics studied in macroeconomics include: inflation, unemployment and economic growth.
When a country experiences an extremely rapid rise in prices this is called?
Hyperinflation. An extremely rapid rise in the general price level. Wage-Price Spiral. A situation that occurs when increases in national wage rates are passed on in higher prices, which in turn results in even higher nominal wate rates and prices. Aggregate Demand Curve (AD)
What are the 3 major concerns of macroeconomics?
The three primary concerns of macroeconomic analysis are growth, unemployment and inflation (Rittenberg & Tregarthen, 2009). To understand why these are a concern, it needs to be understood the differences between microeconomics and macroeconomics.
Who is the father of macroeconomics?
John Maynard Keynes
What is an example of macroeconomics?
The measures and topics of study most commonly associated with macroeconomics include: gross domestic product, the rate of employment, the phases of the business cycle, the rate of inflation, the money supply, the level of government debt, and the short-term and long-term effects of trends and changes in these measures
What are the elements of macroeconomics?
An introduction to the economic system and economic analysis, with emphasis on total national income and output, employment, the price level and inflation, money, the government budget, the national debt, and interest rates.
What are the major issues of macroeconomics?
6 Major Macro-Economic Issues Issue # 1. Employment and Unemployment: Issue # 2. Inflation: Issue # 3. The Trade Cycle: Issue # 4. Stagflation: Issue # 5. Economic Growth: Issue # 6. The Exchange Rate and the Balance of Payments:
What are the six key macroeconomic factors?
Common macroeconomic factors include gross domestic product, the rate of employment, the phases of the business cycle, the rate of inflation, the money supply, the level of government debt, and the short-term and long-term effects of trends and changes in these measures.
What are the different types of macroeconomic policies?
The three main types of government macroeconomic policies are fiscal policy, monetary policy and supply-side policies. Other government policies including industrial, competition and environmental policies. Price controls, exercised by government, also affect private sector producers.
What is basic macroeconomics?
Macroeconomics is a branch of economics that studies how an overall economy—the market systems that operate on a large scale—behaves. Macroeconomics studies economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment.
Which of the following is counted in GDP?
Only newly produced goods – including those that increase inventories – are counted in GDP. Sales of used goods and sales from inventories of goods that were produced in previous years are excluded. Only goods that are produced and sold legally, in addition, are included within our GDP.
Which of the following is included in the expenditures approach to GDP?
There are four main aggregate expenditures that go into calculating GDP: consumption by households, investment by businesses, government spending on goods and services, and net exports, which are equal to exports minus imports of goods and services.
What do you mean by economic indicators?
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles.
What name is given to rise in the overall level of prices?
Most frequently, the term “inflation” refers to a rise in a broad price index representing the overall price level for goods and services in the economy. The Consumer Price Index (CPI), the Personal consumption expenditures price index (PCEPI) and the GDP deflator are some examples of broad price indices.
What are the four phases of the business cycle?
Business Cycle Phases Business cycles are identified as having four distinct phases: expansion, peak, contraction, and trough. An expansion is characterized by increasing employment, economic growth, and upward pressure on prices.
Which of the following is an example of a normative economic statement?
An example of a normative economic statement is as follows: The price of milk should be $6 a gallon to give dairy farmers a higher living standard and to save the family farm. This is a normative statement, because it reflects value judgments.