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Macro Economics

•    Macroeconomics attempts to explain the working of the economic system as a whole.

•    It is a study of aggregates or averages of the entire economy, e.g., total national output and income, total employment, total consumption, savings, investment, aggregate demand, aggregate supply, general price level, international trade, etc.

•    Microeconomics, in contrast, deals with individual quantities. It furnishes only a microscopic view of the economy. Macroeconomics provides a macroscopic view.

•    Macroeconomics is the application of quasi-general equilibrium analysis to economic problems.

•    Significant macroeconomic issues are: economic growth, business cycles, inflation, unemployment, government budget deficit rates and interest rates.

•    Economic growth is about the long-term trend in GDP. Economic growth studies the determinants of the long-run trend in GDP. The traditional focus of macroeconomic analysis is mainly on the short-run and on the issue of what explains deviations of output from its long-run trend level.

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