Learn more. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Before explaining the nature and scope of business economics let's first understand the distinction between Micro Economics and Macro Economics Micro-Economics is considered to the basic economics. Looks like you’ve clipped this slide to already. Now customize the name of a clipboard to store your clips. Introduction: The term ‘macro’ was first used in economics by Ragner Frisch in 1933. It helps to understand the functioning of a complicated modern economic system. If you continue browsing the site, you agree to the use of cookies on this website. NATURE & SCOPE OF MACROECONOMICS • Macroeconomics is the study of aggregates or averages covering the entire economy, such as total employment, national income, national output, total investment, total consumption, total savings, aggregate supply, aggregate demand, and general price level, wage level, and cost structure. If you continue browsing the site, you agree to the use of cookies on this website. 2. Business Cycle:This theory emerged after the Great Depression of the 1930s. The scope of macroeconomics includes the following parts: Clearly, the study of the problem of unemployment in India or general price level or problem of balance of payment is macroeconomic study because these relate to the economy as a whole. For example, Your mother does all the work at your home. Scribd will begin operating the SlideShare business on December 1, 2020 This subject finds its use at many stances in our lives. See our User Agreement and Privacy Policy. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It is the study of an economy as a whole. See our Privacy Policy and User Agreement for details. It explains broad aggregates and their interactions “top down.” Macroeconomics has the following characteristics: 1. But almost all the goods are scares• To produce goods factors of production are needed and these are all scarce … BASIC CONCEPT OF As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. Nov 17, 2020 - Nature and Scope of Macroeconomics (Part - 1) - Macro Economics | EduRev Notes is made by best teachers of B Com. MACRO ECONOMICS The Nature and Scope of Macroeconomics! Nature and scope of economics 1. Importance of Macroeconomics: 1. Growth:It studies the factors which explain economic growth such as the increase in output per capita of a country over a long period of time. See our Privacy Policy and User Agreement for details. 1. Chapter 1 - basic concepts about macroeconomics for BBA, No public clipboards found for this slide. 1. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. But as a methodological approach to economic problems, it originated with the Mercantilists in the 16th and 17th centuries. From doing all the household chores, keeping a budget for the rations to fulfilling all your needs. If you wish to opt out, please close your SlideShare account. It describes how the economy … Clipping is a handy way to collect important slides you want to go back to later. This document is highly rated by B Com students and has been viewed 23224 times. • Macroeconomics is also known as the theory of income and … Microeconomics studies the economic behavior of individual unit, may be a person, a particular household, or a particular firm. Unit 1. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It advocates the involvement of the central bank and the government to formulate monetary and fiscal policies to monit… Clipping is a handy way to collect important slides you want to go back to later. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Nature andScope ofEconomicsByArihant Jain 2. Introduction• The word Economics is derived from the Greek word ―OKIOS NEMEIN‖ meaning household management• Man is a bundle of desires. Learn more. Introduction to Macro Economics – Nature, Scope, Importance & More The term ‘Macro’ has been derived from a Greek word ‘Macros’ meaning ‘large’. Thus, Macro Economics is the study and analysis of an economy as a whole. If you continue browsing the site, you agree to the use of cookies on this website. See our User Agreement and Privacy Policy. Economics is a subject that deals with every situation that’s happening in the whole world. Nature andScope ofEconomicsByArihant Jain. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Macroeconomics in detail- Meaning, Scope, Nature, and Importance . What is Macroeconomics?. You can change your ad preferences anytime. If you continue browsing the site, you agree to the use of cookies on this website. No public clipboards found for this slide, Student at Jcd institute of business management sirsa. Goods and services satisfy these wants. Looks like you’ve clipped this slide to already. If you wish to opt out, please close your SlideShare account. You can change your ad preferences anytime. They were concerned with the economic system as a whole. Whereas microeconomics deals with the analysis of small individual units of an economy such as individual consumers, individual firms, individual industries and markets and explains how prices of products and factors are determined. Students’ Guide to The Nature and Scope of Macroeconomics! Scribd will begin operating the SlideShare business on December 1, 2020 Now customize the name of a clipboard to store your clips.
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