Question

How is macroeconomics useful in managerial activities?

Answer 1

Macroeconomics studies the units of the economy which have relation with the whole economy or large units of economy. For examples, macroeconomics studies the gross domestic products of consumer and product goods. In addition to this, macroeconomics also studies the sub divisional aggregates. For examples, total consumption and total product are two sub aggregates. If both of these are added then the gross domestic product will be resulted. 

Macroeconomics can be best understood in contrast to microeconomics which considers the decisions made at an individual or firm level. Macroeconomics considers the larger picture,or how all of these decisions sum together. An understanding of microeconomics is crucial to understand macroeconomics. To understand why a change in interest rates leads to changes in real GDP, we need to understand how lower interest rates influence decisions, such as the decision of how much to save, at the firm or household level.

Answer 2

Macroeconomics is the study of structure, behaviour and the performance of the economy. It is useful in managerial activities since it combines economic theory with the managerial practice.

Explanation:

• Macroeconomics is used in managerial activities with integrating the various activities and covering the gap between the problems of logic and the issue of policies.

• Macroeconomic is the study of the entire economy in regards to the GDP and the unemployment rates that affect the economy.  

• It relates to the managerial economics in regards to effective decision making with making effective use of the resources for increasing the profitability of the enterprise.

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