5 Questions
Define macroeconomics.
Macroeconomics is a branch of economics that focuses on the performance, structure, behavior, and decision-making of an economy as a whole.
What are the elements that constitute the study of economics?
The elements that constitute the study of economics include human wants, needs, scarcity, resources, goods and services, economic choice, and the laws of supply and demand.
Who first used the term 'macro' in economics?
Ragner Frisch first used the term 'macro' in economics in 1933.
What are the two branches of economics?
The two branches of economics are macroeconomics and microeconomics.
Which branch of economics is concerned with the economic system as a whole?
Macroeconomics is concerned with the economic system as a whole.
Study Notes
Introduction to Macro Economics
- Economics is classified as a social science because it deals with human problems.
- The study of economics involves understanding human wants, needs, scarcity, resources, goods and services, economic choice, and the laws of supply and demand.
- Economics is divided into two branches: macroeconomics and microeconomics.
Origin of Macro Economics
- The term 'macro' was first used in economics by Ragner Frisch in 1933.
- The methodological approach to economic problems originated with the Mercantilists in the 16th and 17th centuries.
- Mercantilists were concerned with the economic system as a whole.
Definition and Scope of Macro Economics
- Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy.
- The term 'macro' comes from the Greek prefix Makro-, meaning "large", and is combined with economics to form macroeconomics.
Test your knowledge on the fundamental concepts of macroeconomics in this quiz. Explore the meaning, definition, nature, and scope of macroeconomics, including the study of human wants, needs, scarcity, resources, goods and services, economic choice, and the laws of supply and demand.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
