Macroeconomics (from the Greek prefix makro- meaning “large” and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies. With microeconomics, macroeconomics is one of the two most general fields in economics.
A little more about Foundations of Macroeconomics
Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets.
The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels.
Macroeconomics is focused on the movement and trends in the economy as a whole, while in microeconomics the focus is placed on factors that affect the decisions made by firms and individuals. The factors that are studied by macro and micro will often influence each other, such as the current level of unemployment in the economy as a whole will affect the supply of workers which an oil company can hire from, for example.
A practice-oriented learning system that breaks the traditional textbook mold.
To help readers focus on the most important concepts—and effectively practice application of those concepts—Foundations of Macroeconomics is structured around a Checklist/Checkpoint system. The result is a patient, confidence-building textbook that prepares readers to use economics in their everyday life, regardless of what their future career will be.
Foundations of Macroeconomics Product Details
- Paperback: 576 pages
- Publisher: Prentice Hall; 6 edition (January 18, 2012)
- Language: English
- ISBN-10: 0132831007
- ISBN-13: 978-0132831000
- Product Dimensions: 0.7 x 8.3 x 10.6 inches
- Shipping Weight: 2.3 pounds
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