Macroeconomics Is The Study Of Income And Production On The National Level

2035 Words9 Pages
Macroeconomics is the study of income and production on the national level. The economic problems of nations around the world are constantly in the news. A keen understanding of macroeconomics is required to adequately comprehend the impacts a nation’s decisions will have on its economy. In the global market of today, a country’s decision can have impact on the economies of many other nations. Macroeconomics is focused on the operation of a nation’s economy as a whole, and there are many types of data available for analysis. Economists use unemployment rates and cost, Consumer Price Index (CPI) and inflation, the rate of government tax revenue and spending, and the Gross Domestic Product (GDP) to determine the long run success or failure of a nation’s economic strategy. An important data point in macroeconomics is the unemployment of a given country. Unemployment is a lot more complicated than one might initially think. A nation’s unemployed work force is comprised those individuals currently unemployed and looking for work. Obviously, the employed work force is made of workers that currently working. These two groups represent the labor force of a nation. The labor force does not include members of the population that are too young to work or have retired. More importantly, the labor force does not include the members of a nation that are no longer looking for work due to the inability to find a job. These are referred to as discouraged workers and are treated

More about Macroeconomics Is The Study Of Income And Production On The National Level

Get Access