However, I think it’s more useful to describe those as schools of thought, as Danny did. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices. Also, some of the links in the post above may be “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. What is Macroeconomics? Macroeconomic Theory Dirk Krueger1 Department of Economics University of Pennsylvania January 26, 2012 1I am grateful to my teachers in Minnesota, V.V Chari, Timothy Kehoe and Ed-ward Prescott, my ex-colleagues at Stanford, Robert Hall, Beatrix Paal and Tom Sargent, my colleagues at UPenn Hal Cole, Jeremy Greenwood, Randy Wright and The recent change in tax regime by the Indian government i.e the introduction of GST is one such example of things that fall under macroeconomics. Yep, 1 & 2 are the big deal in the history of 20th century economic thought — and are directly related. Disclosure of Material Connection: I may have received one or more of the products or services I have written about for free in the hope that I would mention it on my blog. Macroeconomics is the other side of the coin called economics.   A tribe member's relationship to managing the herd defines his or her economic role. For example, the Sami people of Scandinavia manage reindeer herds. Some others in this thread have described as capitalism and socialism as economic theories. Macroeconomics, study of the behaviour of a national or regional economy as a whole. Our society thrives on the five basic economic principles, whether its the marginal principle of economics or opportunity cost. The key factors of Microeconomics are : Demand, Supply, and Equilibrium; Production Theory; Costs of Production; Labor Economics; Examples: Individual Demand, Price of a product. For example, "largest * in the world". Macroeconomics is a branch of Economics that depicts a substantial picture. In fact, you probably use them every day. For example, "tallest building". Unlike microeconomics—which studies That includes his or her legal status, culture, and state policies toward the individual. Macroeconomic theory synonyms, Macroeconomic theory pronunciation, Macroeconomic theory translation, English dictionary definition of Macroeconomic theory. It implements the economic theory by widening its approach, to focus on issues of the economy as a whole unit. Microeconomics is the study of the behaviour of the individual units (like an individual firm or an individual consumer) of the economy. The better you understand these concepts, the better you can make the wisest choices when it comes to investments. Search for wildcards or unknown words Put a * in your word or phrase where you want to leave a placeholder. 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