MACRO ECONOMICS- INTRODUCTION

 MACRO ECONOMICS MEAN STUDY OF HOLE ECONOMY. IT DEALS WITH AGGREGATE ECONOMIC VARIABLES OF AN ECONOMY. THE MAIN FOCUS OF IT IS ON UNEMPLOYMENT, NATIONAL INCOME, BALANCE OF PAYMENT, INFLATION ETC.

SO IN MACRO ECONOMICS WE WILL DISCUSS ABOUT THESE SCOPES OF ECONOMICS:-

1) NATIONAL INCOME

2) THEORY OF MONEY

3) ECONOMIC DEVELOPMENT

4) GENERAL PRICE LEVEL

5) THEORY OF EMPLOYMENT

6) AGGREGATE DEMAND 

7) AGGREGATE SUPPLY

CENTRAL ISSUE OF ECONOMY:-IN MACRO ECONOMY THE CENTRAL PROBLEM IS 

TO DETERMINE THE PRODUCTION AND EMPLOYMENT.

TYPES OF COMMODITY IN AN ECONOMY:- 

1) CONSUMER GOODS:- CONSUMER GOODS ARE GOODS WHICH SATISFY HUMAN WANTS. EXP:- FOOD ITEMS, TV, FRIDGE ETC. 

IT DIVIDES INTO FOUR TYPES OF CONSUMER GOOD...

a) DURABLE GOODS:- A DURABLE GOOD IS A GOOD THAT DOES NOT EASILY WEAR OUT OR BROKEN AND IT TAKES  A LONG TIME TO BE FULLY CONSUMED. EXP:- MACHINERY,  

b) SEMI-DURABLE GOODS:- THE SEMI-DURABLE  GOODS THOSE GOODS WHICH HAVE LIFE ,NOT MORE THAN 1 OR 2 YEARS. EXP:- CLOTHES, ELECTRIC ITEMS ETC.

c) NON-DURABLE GOODS:- THESE ARE ONE TIME USABLE GOODS. ETC:-ANY FOOD ITEMS, 

d) SERVICES:- THESE ARE THOSE NON-PHYSICAL GOODS WHICH COULD BE RENDER BY ANY PROFESSIONAL LIKE DOCTOR, LAWYER.



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