ECON1103 - 03 - Princ. of Macroeconomics

(SS) Social Science (SA) Social Analysis

Macroeconomics studies the well-being of societies by focusing on unemployment, economic growth, inflation, poverty, income inequality, and globalization. There are a multitude of contributing factors, including the actions of governments, individuals, and firms. Specifically, the Federal Reserve, tax and trade policies, financial systems, values and beliefs all contribute to the well-being of a society in complex ways. Macroeconomics provides a theoretical framework for understanding these interactions, causes and their effects, and informing difficult policy decisions. Furthermore, macroeconomics enables individuals and firms to understand the economic environment that affects them both personally and professionally.