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Learn the Basic Concepts of Macro Economics – Its Application and Importance

by May 21, 2018Homework Answers

Macro Economics Homework Answers

Macroeconomics deals with overall economic condition and situation of an entity. Several regional, national and international phenomena are judged through vigorous analysis. It has a wide range containing the topic like national income, monitory factor, growth of economy, total employment, price levels, etc.
2 aspects of economics:
These topics are arranged in two main parts, such as –

  1. Business procedures and activities

That deals with business income, its fluctuation and effect and impact of this fluctuation on national income as well as national economy. To define the reasons of this economic situation and its consequence is an important objective of macroeconomics.

  1. Total economic growth

 It focuses on development of national economy through enhancement of national income, and to establish an overall economic growth that exists for a long period.
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Basic idea about the subject topic
It focuses on several economic idea and concepts which are varied time to time, situation to situation. But the basic three concepts of macroeconomics are
Output and national income
An output is a production of a business, and by selling that product an income can be generated hence, output and income are proportionally related. This part of economics deals with several outputs or production of an entity and its total income by selling those products and it is the part of national income.
An enhancement of an entity’s income increases the national income as well as national economy.
In this field output and income is taken as same that meant one unite output generates one unite income.  So total output of an entity can be detected through its total income on the other hand total income can be measured through total outputs. So its main focus is to develop of inputs through

  1. Advanced technology
  2. Upgraded machineries
  3. Proper education
  4. Adequate capital

Other objectives are to enhance the income with developing outputs and to prevent the causes of recession for a rapid growth in economy for long term. For more updated information you may search for an active macro economics homework answers.   
Points to note:

  1. Rate of unemployment

Unemployment is an important factor of this branch which hampered the growth of economy. Unemployment produces worker without a job. It does not include students, retired person and those people who are sick and tired of searching job.  Unemployment is categorized into different types on the basis of the reason behind it. Such as –

  • Classical theory

It is very commonly found in the field of business. When the wages of a particular job position is too high, then employer does not want to appoint more employees for that position.

  • Fictional theory

Often a worker has to search for a suitable job. He or she always cannot find it immediately. Suppose the job is there in the market, but they need to spend some time for searching the proper one. So, for the time being they are unemployed. This theory is known as fictional theory.

  • Structural theory

When employers need to search workers with some specific skills, then they need to spend more time for searching the right one for the right job.  In this period a situation of unemployment is developed, this is termed as structural theory of unemployment.

  • Cyclical theory

Often unemployment is occurred due to some worse economic situation such as inflation, recession, economic depression, etc. In these situations, proper growth of a business cannot be possible. This type of unemployment termed as cyclical unemployment theory.
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  1. Changes of price

It is a common phenomenon in the field of economics. It mainly depends on two factors they are –

  • Demand

If the demand of a product is increased, the price of that product is increased too. It is termed as inflation.
But the price is decreased with the decrease of its demand. It is known as deflation.

  • Supply

An adequate supply of a product reduces its price hence; deflation occurs. But low supply in comparison with demand enhances product’s price thus inflation can be found.
To explore your knowledge on demand and supply, and how they determine price of a product, you must go through macro economics homework answers. 
Importance of macro economics
Macro Economics show the way how to perform in this modern economy

  1. To determine the price level of a product on the basis of total demand and total supply
  2. It helps to control inflation and deflation, thus establish a stable price level.
  3. It is the study that explains how to establish a highest economic growth and how it could be sustained for long.
  4. The deadly problems of economics like unemployment, poverty, recession, inflation, and deflation has solution only in macroeconomics.
  5. It can link with international economy and hence helps to establish a correct policy of economics as a whole.

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What are macro economics homework answers?
Students who are studding this subject have to do lots of homework during their course. This homework contains several critical questions. Answering those questions is not an easy job so often students require assistance and guidance. Macro economics homework answers are such a guideline to solve all kind of problems however it is tough or easy.  So students can

  1. Explore their knowledge
  2. Develop a clear and bold idea and concept
  3. Enhance their strength and ability to face the challenges
  4. Receive best academics in their exams

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