Economics-For Managers


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Pages : 263;Paperback;
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Economics For Managers, Management Textbook, Workbook

Macroeconomics : Introduction to Macroeconomics : Chapter 11

In this chapter, we discussed the role of macroeconomic variables in analyzing the problems in the economy. There are two types of economic activity in an economy -- micro and macro. A problem or activity at a firm level is a micreconomic problem or activity, while a problem or activity at an industry level becomes a macroeconomic activity.

Macroeconomics gained importance after the Great Depression of 1930s. The growth of macroeconomics led to various schools of thought such as Keynesian economics, the Monetarists, supply side economics etc. The macroeconomic performance of a country can be measured with the help of the gross domestic product (GDP), the level of employment in the economy, and movements in the price level.

The government can use fiscal and monetary policies to achieve macroeconomic objectives such as full employment, high level of output, stable prices, rapid economic growth.

To regulate economic activity in an economy, the government can use fiscal policy through which it can monitor government expenditure and mobilize resources. Since money is the medium of exchange, the monetary policy has a significant role to play in an economy. The central bank of a country controls the money supply of an economy by reducing bankrates, openmarket operations, etc.

Policies on exchange rate, international trade, employment, price and income also play an important role in achieving macroeconomic objectives. The government can control domestic and international trade with the help of the EXIM policy. The chapter also examined basic concepts of macroeconomics such as statics and dynamics, stocks and flows, and equilibrium and disequilibrium.

Chapter 11 : Overview

Development Of Macroeconomics
Objectives And Instruments Of Macroeconomics
Gross Domestic Product (GDP)
Full Employment
Price Stability
Sustainable Balance of Payments
Economic Growth

Instruments Of Macroeconomic Policy
Fiscal Policy
Monetary Policy
International Trade Policy
Exchange Rate Policy
Prices and Incomes Policy
Employment Policy

Basic Concepts In Macroeconomics
Stocks and Flows
Equilibrium and Disequilibrium
Statics and Dynamics