ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Macroeconomics is the study of whole economies–the part of economics concerned with large-scale or general economic factors and how they interact in economies.

Detailed explanation-2: -Definition: Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.

Detailed explanation-3: -Economists also look at two realms. There is big-picture macroeconomics, which is concerned with how the overall economy works.

Detailed explanation-4: -The study of the economy as a whole is called macroeconomics.

Detailed explanation-5: -Microeconomic study historically has been performed according to general equilibrium theory, developed by Léon Walras in Elements of Pure Economics (1874) and partial equilibrium theory, introduced by Alfred Marshall in Principles of Economics (1890).