Introduction to Macroeconomics

Macroeconomics is the branch of economics that deals with economic activity on a large scale. It means macroeconomics is the study of the whole economy in terms of the total amount of goods and services produced, total income earned, total consumption, the investment made and stock of capital, the level of employment of productive resources, the general behavior of prices, the quantity of money in circulation, government revenues and expenditures, exports and imports among others. Macroeconomic is thus an attempt to deal with aggregate issues of recession and prosperity, growth or stagflation, and price level stability.

  • Scope of Macroeconomics:
  • Macroeconomic Variables:
  • Closed Economy:
  • Open Economy:
  • Difference between Closed and Open Economy:

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