Macroeconomics is branch of economics that is concerned with large-scale or general economic factors, such as interest rates, saving,unemployment and national income. Macroecnomics emphasises on variety of concepts. Some important topics of macroeconomics are national income, savings, investment, Inflation, Poverty and Income Distribution. Macroecnomics is policy economics and it helps students to make decissions on different aspects of economics.
Mankiw,G–Principles of Economics-9ndEdition (2001)- South-West Publishers.
Parkin, Michael - Macroeconomics, 7th Edition (2004)- Prentice Hall
Students Learning Outcomes
- Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
- Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
- Define and measure Gross Domestic Product and national income and rates of unemployment and inflation
- Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy
- Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank.
- Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions.
- Explain the mechanics and institutions of international trade and their impact on the macro economy