Question

macroeconomics chapter 1 introduction​

Answer 1

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Explanation:

Macroeconomics

Macroeconomics is the study of the behaviour of the whole economy. It is concerned with the determination of the broad aggregates in the economy, in particular the national output, unemployment, inflation and the balance-of-payments position. The main body of macroeconomic theory applies to a developed, capitalist economy. A capitalist economy is one where productive assets are owned either directly by individuals or by individuals through the medium of firms. These employ others to work with the productive assets in order to produce output. In such an economy, economic decisions are taken by individuals and firms acting independently of one another and co-ordinated via the market mechanism. All these decisions then interact to determine the values of variables such as output and prices. Economies that are nowadays classified as ‘capitalist’ all have important state sectors which in various and differing ways intervene in the operation of market forces to redirect or suppress them.