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What to Write in Macroeconomics Assignment?
Macroeconomics, the study of the behavior of the national or regional economy as a whole. He is concerned about understanding the events of the entire economy, such as the total amount of goods and services produced, the unemployment rate and the general behavior of prices.
Unlike microeconomics, which studies how individual economic actors, such as consumers and enterprises, make decisions, macroeconomics deals with the cumulative results of these decisions. For this reason, in addition to using microeconomics tools, such as supply and demand analysis, macroeconomists also use cumulative measures, such as gross domestic product (GDP), unemployment and consumer price index (CPI) to study the large-scale impact of micro-level decisions.
Macroeconomics vs Microeconomics!
Macroeconomics is different from microeconomics, which focuses on smaller factors that influence the choice of people and companies. The factors studied in both microeconomics and macroeconomics have a mutual influence. For example, the unemployment rate in an economy generally affects the supply of workers that a company can hire. Macroeconomics in its most basic sense is a branch of the economy that deals with the structure, productivity, behavior, and decision-making of the global or total economy, and does not focus on individual markets.
Meanwhile, microeconomics analyzes economic trends or what can happen when people make certain decisions. People are usually divided into subgroups, such as buyers, sellers, and business owners. These entities interact with supply and demand for resources, using money and interest rates as a pricing mechanism for coordination.
Types to write in Macroeconomics Assignment
- Macro static
- Macro dynamics
- Comparative static
Macrostatic analysis explains the static equilibrium state of the economy. Professor Kurihara best speaks of this in the following words: “If the goal is to show the“ fixed image ”of the economy as a whole, then the macrostatic method is a suitable technique, since this method is to study the relationship between macro variables in the final equilibrium position without reference to an implicit process adjustments in this end position
Thus, economic statistics refers to a perpetual economy, it does not develop or decay, it looks like a snapshot of a “fixed” camera, which would be the same if the previous and subsequent positions of the economy can be changed or not.
However, Ragnar Frisch considers economic dynamics not only the study of continuous change but also a process of change. According to him, this is a system in which “variables at different points in time are involved in a significant way.” Therefore, the study of economic dynamics is associated with the discovery of the functional connections of economic variables at different times. Knowledge of such relationships is important for prediction.
Therefore, the prediction becomes the essence of the definition of Frisian, according to the economic dynamics of Baumol, “the study of economic phenomena in relation to previous and subsequent events.” Therefore, the dynamics of the economy is worried about delays in time, exchange rates. In a dynamic economy, a change in data and an economic system takes time to adjust accordingly. We can conclude the words of Professor Kuznets, “an economic theory that attempts to explain the phenomenon of economic change and analyze the factors involved, to bring about certain changes and to track the process of these changes and the consequences of success.” Phased movements are called economic dynamics. ”
Comparative statics is a method of economic analysis, first used by the German economist F. Oppenheimer in 1916. Schumpeter called it “an evolutionary process a sequence of static models. According to Schumpeter: “Whenever we are dealing with a violation of a given condition, we try to indicate static relationships that are obtained before any violation affects the system and after it has resolved it. it is known as comparative statics. More precisely, comparative statistics is an analysis method in which different situations of equilibrium are compared.
Therefore, comparative statics does not refer to the transition period, but “includes the study of changes in equilibrium positions corresponding to specific changes in baseline data”.