Lesson at a Glance
• Macroeconomics : It address situations facing the economy as a whole.
• Need for Macroeconomics : Macroeconomics is needed to study the effects in the market of taxation and other budgetary policies, and policies for bringing about changes in money supply, the rate of interest, wages, employment and output. Macro Economics has the policies aimed at modifying the forces of demand and supply.
• Economic Agents : Those Individuals or units or institutions which take economic decisions are called economic agents.There are mainly four main economic agents: households,firms, government and rest of the world or foreign sector.
• Macroeconomics Decision Makers : Macroeconomics policies are pursued by state itself or statutory bodies like Reserve Bank of India ( RBI), Securities exchange Board of India (SEBI) and other similar bodies.
• Emergence of Macroeconomics : Macroeconomics as a separate branch of Economics, emerged after the British Economist J.M. Keynes published his book titled ‘Theory of Employment, Interest and Money’ in 1936.
- NCERT Revision Notes for Class 12 (All Subjects)
- CBSE Class 12 Economics Notes
- NCERT Solutions for class 12th Economics Part B Chapter 1 Introduction