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Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics Notes

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics : The Karnataka State Open University established on 1st June 1996 vide Karnataka Govt. Notification No. ED 1 UOV 95 dated 12th February 1996 – KSOU Act 1992 is considered to be a reputed Open University amongst the open learning institutions in the country. Keeping in view the educational needs of our country, in general, and state in particular the policies and programmes have been geared to cater to the needy.

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics Notes

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics : Economics is a social science concerned with the production, distribution and consumption of goods and services. It studies how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.

Economic analysis often progresses through deductive processes, much like mathematical logic, where the implications of specific human activities are considered in a “means-ends” framework.

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Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics Notes

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics :Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.

Description: Macroeconomics analyzes all aggregate indicators and the microeconomics factors that influence the economy. Government and corporations use macroeconomic models to help in formulating of economic policies and strategies.

Macroeconomic analysis has been gaining strength ever since the publication of J.M. Keynes’ General Theory of Employment Interest and Money.

Inductive method has, however, posed the danger of excessive generalization of individual experiences to the system as a whole. Such pitfalls need to be avoided if macroeconomics is to serve as a handmaid of public policy.

Here we provides Karnataka Class 12 Commerce Economics The Concept Of Macro-Economics  Complete Notes. Download and Read Well

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics Notes

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics : Macroeconomics (from the Greek prefix makro- meaning “large” and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies.[Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics.[2] In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets.

Macro economists study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the different sectors of the economy to better understand how the whole economy functions. Macro economists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance.

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics Notes

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics : Macroeconomics is a branch of the economics field that studies how the aggregate economy behaves. In macroeconomics, a variety of economy-wide phenomena is thoroughly examined such as, inflation, price levels, rate of growth, national income, gross domestic product and changes in unemployment.

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Macroeconomics is important because it allows the public to understand the economy as a whole, facilitating decisions relating to firms, fiscal policy and global economic policy. Macroeconomics gives academics, policy makers and other interested individuals a view into the relationship between factors such as unemployment, income and inflation. By studying trends in the macro economy, countries are able to prevent disasters such as recessions and depressions.

Whereas microeconomics is concerned with individual markets, macroeconomics looks at the economy at a national, regional and global level. Important factors of study within macroeconomics include business cycles, output, inflation and unemployment. Business cycles indicate the direction the economy is taking. Downward movement in GDP is indicative of recession. Output refers to the value of everything that a country produces in a given time period. The study of output gives insight into the effects of education and technology. Inflation is the general price increase in a country.

Understanding inflation and deflation is vital to policy makers because deflation can lower economic output, while inflation decreases purchasing power. Analysis of unemployment provides an understanding of the condition of sectors within the economy, informing policy that stimulates job growth. Macroeconomics also observes the relationship between the economy and monetary and fiscal policy. It makes it possible to know whether acts of government and central banks are effective or not.

It focuses on trends in the economy and how the economy moves as a whole.

BREAKING DOWN ‘Macroeconomics’

Macroeconomics differs from microeconomics, which focuses on smaller factors that affect choices made by individuals and companies. Factors studied in both microeconomics and macroeconomics typically have an influence on one another. For example, the unemployment level in the economy as a whole has an effect on the supply of workers from which a company can hire. Macroeconomics, in its most basic sense, is the branch of economics that deals with the structure, performance, behavior and decision-making of the whole, or aggregate, economy, instead of focusing on individual markets.

The Study of Macroeconomics

Those working in the field of macroeconomics study aggregated indicators such as unemployment rates, GDP and price indices, and then analyze how different sectors of the economy relate to one another to understand how the economy functions. Macroeconomists develop models explaining relationships between a variety of factors such as consumption, inflation, savings, investments, international trade and finance, national income and output. Contrarily, microeconomics analyzes how individual agents act, namely consumers and corporations, and studies how these agents’ behavior affects quantities and prices in certain markets. Such macroeconomic models, and what the models forecast, are used by government entities to aid in the construction and evaluation of economic policy.

Specific Areas of Research

Macroeconomics is a rather broad field, but two specific areas of research are representative of this discipline. One area involves the process of understanding the causation and consequences of short-term fluctuations in national income, also known as the business cycle. The other area involves the process by which macroeconomics attempts to understand the factors that determine long-term economic growth, or increases in the national income.

History of Macroeconomics

Macroeconomics, as it is in its modern form, started with John Maynard Keynes and the publication of his book “General Theory of Employment, Interest and Money” in 1936. Keynes offered an explanation for fallout from the Great Depression, when goods remained unsold and workers unemployed, a feat that left classical economists stumped. Keynes’ theory explained why markets may not clear. This theory evolved throughout the 20th century, diverting into several macroeconomic schools of thought known as Keynesian economics, often referred to as Keynesian theory or Keynesianism.

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Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics Notes

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics : A type of derivative designed to help companies whose revenues are closely correlated with business cycles to reduce their business-cycle risk. In a macroeconomic swap, also called a macro swap, a variable stream of payments based on a macroeconomic indicator is exchanged for a fixed stream of payments. The exchange occurs between an end user and a macro swap dealer.

BREAKING DOWN ‘Macroeconomic Swap’

Macroeconomic swaps were introduced to the market in the early 1990s. Types of indicators that may be used include, but are not limited to, the Consumer Confidence Index, the Wholesale Price Index, inflation rates, unemployment rates, gross national product and gross domestic product. In most types of swaps, the underlying asset can be traded, but this is not true for macroeconomic swaps.

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UNIT GOALS

The materials in this Unit of Study are designed to assist students in developing a working knowledge of:

• The fundamental concepts underlying all economic study, including scarcity; opportunity cost; economic systems and institutions; and distribution and exchange, which are the foundation of all economic activity.

• Micro economic concepts such as markets; supply and demand; competition; income distribution; and the role of government, which together determine the flow of money and factors of production in economies.

• Macroeconomic concepts such as Gross National Product; aggregate supply and demand; unemployment; inflation; and monetary and fiscal policy, which are functions of economic aggregates or averages. Specific student objectives are contained in the teacher’s guide for each video lesson. These objectives will assist students in grasping the fundamental concepts of each topic. By achieving these objectives for each video lesson, students will be able to accomplish the unit goals.

Karnataka Class 12 Commerce Economics The Concept Of Macroeconomics Notes

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