If you continue browsing the site, you agree to the use of cookies on this website. Learn more. Introduction• The word Economics is derived from the Greek word ―OKIOS NEMEIN‖ meaning household management• Man is a bundle of desires. Importance of Macroeconomics: 1. Clipping is a handy way to collect important slides you want to go back to later. Looks like you’ve clipped this slide to already. 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. Looks like you’ve clipped this slide to already. 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. Introduction to Macro Economics – Nature, Scope, Importance & More The term ‘Macro’ has been derived from a Greek word ‘Macros’ meaning ‘large’. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Learn more. Nov 17, 2020 - Nature and Scope of Macroeconomics (Part - 1) - Macro Economics | EduRev Notes is made by best teachers of B Com. From doing all the household chores, keeping a budget for the rations to fulfilling all your needs. But as a methodological approach to economic problems, it originated with the Mercantilists in the 16th and 17th centuries. This document is highly rated by B Com students and has been viewed 23224 times. 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. Thus, Macro Economics is the study and analysis of an economy as a whole. 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. 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. What is Macroeconomics?. If you continue browsing the site, you agree to the use of cookies on this website. Microeconomics studies the economic behavior of individual unit, may be a person, a particular household, or a particular firm. See our Privacy Policy and User Agreement for details. No public clipboards found for this slide, Student at Jcd institute of business management sirsa. • Macroeconomics is also known as the theory of income and … It is the study of an economy as a whole. See our User Agreement and Privacy Policy. 1. It helps to understand the functioning of a complicated modern economic system. It advocates the involvement of the central bank and the government to formulate monetary and fiscal policies to monit… Now customize the name of a clipboard to store your clips. BASIC CONCEPT OF Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 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. Chapter 1 - basic concepts about macroeconomics for BBA, No public clipboards found for this slide. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. See our Privacy Policy and User Agreement for details. This subject finds its use at many stances in our lives. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Unit 1. MACRO ECONOMICS 2. Business Cycle:This theory emerged after the Great Depression of the 1930s. If you continue browsing the site, you agree to the use of cookies on this website. For example, Your mother does all the work at your home. Nature andScope ofEconomicsByArihant Jain. 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. 1. Economics is a subject that deals with every situation that’s happening in the whole world. It explains broad aggregates and their interactions “top down.” Macroeconomics has the following characteristics: 1. Introduction: The term ‘macro’ was first used in economics by Ragner Frisch in 1933. The Nature and Scope of Macroeconomics! Nature and scope of economics 1. Goods and services satisfy these wants. Clipping is a handy way to collect important slides you want to go back to later. It describes how the economy … Scribd will begin operating the SlideShare business on December 1, 2020 Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Students’ Guide to The Nature and Scope of Macroeconomics! Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. If you continue browsing the site, you agree to the use of cookies on this website. Now customize the name of a clipboard to store your clips. If you wish to opt out, please close your SlideShare account. Scribd will begin operating the SlideShare business on December 1, 2020 Nature andScope ofEconomicsByArihant Jain 2. Macroeconomics in detail- Meaning, Scope, Nature, and Importance . You can change your ad preferences anytime. See our User Agreement and Privacy Policy. If you wish to opt out, please close your SlideShare account. You can change your ad preferences anytime. But almost all the goods are scares• To produce goods factors of production are needed and these are all scarce …

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