macroeconomics
macroeconomicsThe macro aspects of economics, concerning the determination of aggregate and average figures in the economy. This considers what determines total employment and production, consumption, investment in raising productive capacity, and how much a country imports and exports. It also asks what causes booms and slumps in the short run, and what determines the long-term growth rate of the economy, the general level of prices and the rate of inflation. Macroeconomics considers how these matters can and should be influenced by government through monetary and fiscal policies. It is contrasted with microeconomics, which is concerned with micro questions, such as the incentives operating on individuals and firms in the economy, the organization of production, and the distribution of incomes.
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