Macroeconomics And Economics As A Whole Essay - 2290 Words

Matthew Jones Professor Ahmad Macroeconomics 11/29/16 Throughout the semester many concepts of macroeconomics and economics as a whole have been discussed thoroughly. Macroeconomics is defined as the study of the economy as a whole. The study of macroeconomics consists of many economic indicators. These economic indicators allow analysis of economic performance, predictions of future performance, and will indicate the overall health of the nation. Economists want to be able to forecast the direction the economy will take in the near future and they rely on different economic indicators. They have never agreed on a single economic indicator to predict the future. Some indicators are better than others, but none is consistently accurate; all give a false signal on occasion. The six economic indicators that will be focused on are Gross Domestic Product, Unemployment, Consumer Price Index, Retail Sales, Consumer Confidence, and Durable Goods. The economic indicators help see where the economy is in terms of the business cycle, which shows the rising and falling of economic conditions over time. The first economic indicator is Gross Domestic Product, commonly referred to as GDP. GDP is defined as the market value of all final goods and services produced in a country during a period of time, typically one year. The definition of GDP may seem very straightforward, but there are many subtleties. One key idea about this definition is that GDP only involves final goods andShow MoreRelatedFinance Is Based On Economics841 Words   |  4 PagesFinance is based on economics. Therefore, to properly understand financial markets and their behavior, you must first understand economics. Economics is the concern of production, distribution, trade and consumption of goods and services. It is the science that arises out of the relationship between limited resources and unlimited wants and needs by humans. 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Economics is the social science, which inspects how individuals allocate limited resources in order to satisfy their various desires. Different aspects of economy analyzes and studies production, factors of production, demand and supply analysis, consumption, distribution, market structure etc. Question 1 Economics can be classified into two main branches, which are macroeconomics and microeconomics. 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