Macroeconomics provides a bird's eye view of the economy. It aims at studying the relationship between a country's gross domestic product (GDP), inflation rate and interest rates, government fiscal and monetary policies on the national economy.
Top articles discussed in macroeconomics basics are as follows -
List of top 10 macroeconomic basic indicators you should watch out for.
What is Real GDP and Nominal GDP?
What is the difference between Fiscal Policy and Monetary Policy?
What is the Current Account and Capital Account?
Difference between Balance of Trade and Balance of Payment
What is Hyperinflation?
Difference between Normative and Positive Economics
What is Brexit?
What is Quantitative Easing?
What is Macroeconomics? | Top Terms in Macroeconomics
Macroeconomics is a ‘top-down’ approach and in a way, a helicopter view of the economy as a whole. Here we discuss the basics of Macroeconomics.
Nominal GDP is sum-total of the economic output produced in a year valued at the current market price. Whereas Real GDP is sum-total of the economic output produced in a year values at the pre-determined base market price.
Fiscal policy helps to control the spending and revenue collections of government to influence the economy at large. Whereas Monetary policy is the tool for the central bank through which the movement and the flow of money in the economy is controlled.
Balance of trade simply deals with the export and import of goods. Whereas Balance of payment is a much broader concept. It includes balance of services, balance of unilateral transfers, and balance of payment on capital account.