Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies. With microeconomics, macroeconomics is one of the two most general fields in economics.
Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets.
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment. Monetary economics provides insight into how to craft optimal monetary policy.
Monetary policy is referred to as either being expansionary or contractionary, where an expansionary policy increases the total supply of money in the economy more rapidly than usual, and contractionary policy expands the money supply more slowly than usual or even shrinks it. Expansionary policy is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding. Contractionary policy is intended to slow inflation in order to avoid the resulting distortions and deterioration of asset values.
Public finance is the study of the role of the government in the economy. It is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.
The purview of public finance is considered to be threefold: governmental effects on (1) efficient allocation of resources, (2) distribution of income, and (3) macroeconomic stabilization.
A closed household economy is a society's economic system in which goods are not traded. Instead, those goods are produced and consumed by the same households. In other words, a closed household economy is an economy where households are closed to trading. This kind of economy is present, for example, in hunter-gatherer societies.
The production and consumption of goods is not separated as in a society with high division of labor.
Labour vouchers (also known as labour cheques, labour certificates, and personal credit) are a device proposed to govern demand for goods in some models of socialism, much as money does under capitalism.
An economic system is the system of producing and distributing of goods and services and allocating resources in a society. It includes the combination of the various institutions, agencies, entities (or even sectors as described by some authors) and consumers that comprise the economic structure of a given community. A related concept is the mode of production.
The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system (including property rights and the structure of management).
A social issue (also called a social problem or a social situation) is an issue that relates to society's perception of a person's personal lives. Different cultures have different perceptions and what may be "normal" behavior in one society may be a significant social issue in another society. Social issues are distinguished from economic issues. Some issues have both social and economic aspects, such as immigration. There are also issues that don't fall into either category, such as wars.
Thomas Paine, in Rights of Man and Common Sense, addresses man's duty to "allow the same rights to others as we allow ourselves". The failure to do so causes the birth of a social issue.
Finance is the practice]citation needed[ of funds management, or the allocation of assets and liabilities over time under conditions of certainty and uncertainty. A key point in finance is the time value of money, which states that a unit of currency today is worth more than the same unit of currency tomorrow. Finance aims to price assets based on their risk level, and expected rate of return. Finance can be broken into three different sub categories: public finance, corporate finance and personal finance.
Algeria · Nigeria · Sudan · Ethiopia · Seychelles
Uganda · Zambia · Kenya · South Africa
Afghanistan · Pakistan · India
Nepal · Sri Lanka · Vietnam
China · Hong Kong · Macau · Taiwan
North Korea · South Korea · Japan
Malaysia · Singapore · Philippines · Thailand