We live in a complex, twisted and dynamic economy that needs a solid understanding of how the economy works. Macroeconomics is an economic sector that operates at a broader economic level, developing knowledge on the structure, ethics and productivity of an inclusive economy. The prefix “MACRO” comes from the Greek language, meaning “great”. Macroeconomics is different from microeconomics because while microeconomics resides in the study of individual economic units, macroeconomics is easier to cover information about the economy as a whole. Governments and companies adopt macroeconomic policies and models and economic and strategic policies.

Going into the macroeconomics phase it is important to gain a better understanding of how the various elements of the economy work together and how they influence economic growth and policy formulation. It is an important subject to study because macroeconomic information command is the basis of all business and business decisions.

Macroeconomics focuses on four broad principles that affect major sectors of the economy.

1. National economic output- this is the sum of the total amount of good produced within national borders over a period of time. Macroeconomics helps determine the value of national emissions by calculating the country’s gross domestic product (GDP). GDP refers to the storage of goods and services produced within the economy over a period of time. By comparing current output with output from previous years, policymakers are able to understand how the economy expands and contracts.
2. Unemployment – Macroeconomics seeks to understand the causes and effects of unemployment in the country. Unemployment means the number of people who are willing to work and who are actively looking for work but who are not getting it. According to macroeconomics, there is always a certain level of unemployment that occurs in the environment even if economic activity is stable.
3. Inflation rate- This is the third most important factor in macroeconomic equation. This term indicates a complete increase in the prices of goods and services as indicated by the consumer price index. The consumer price index estimates how much money changes over time.
4. International trade –This means the exchange of goods and services between economies. With more global connectivity and technology-enabled grants, people can now conduct transactions across international borders. Macroeconomics plays a role in analyzing the strengths of these interactions to assess the risks and opportunities involved.

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