Macroeconomics is the study of the national economy as a whole. It sees how the changes in the economic factors can affect the overall economy. Some of the topics covered in this subject include the total amount of goods and services produced, the level of unemployment in the economy, and the effects of fluctuation in prices on the economy. It is different from the concepts of microeconomics as microeconomics studies how individual economic factors bring changes in the economy. For example, it studies the behavior of a single consumer, producer, and firm on the economy. Macroeconomics studies about the national output, gross domestic product, unemployment rates, and the consumer price index.
The discipline of macroeconomics is relatively new as the concept was not developed until the 1930s. Before that, most economic analyses were focused on microeconomic phenomena. The classical view of macroeconomics was first popularized in the 19th century as the concept of laissez-faire. However, this concept was shattered by the Great Depression that was evident in 1929 and started from the United States and then later spread to the rest of the western world.
Areas of macroeconomic research
It is a broad field but two types of research are more dominant in this section of economics. One of the research areas is economic growth and another is the business cycle. Business cycles refer to the changes in the economic scenario in respect to depression and recession in the economy. Moreover, it also describes the occasional fluctuations, expansions, and recessions. Likewise, economic growth refers to the increase in aggregate production in the economy.
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