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Macro Eco
Introduction
Agenda Course Code: BM 112
•Why Economics?
Course Title: Macroeconomics
•Definition of Economics
•Problems of Economy
Learning Facilitator:
•Role of Assumptions
Dr. Jitendra Kumar Mishra
•Microeconomics &
Macroeconomics E-mail:
jitendra.mishra@jiit.ac.in
Why To Study Economics?
• To answer questions like:
– Why do economies go through cycles?
– Why are some people unemployed while
others are able to find jobs?
– Why do some jobs pay so much more than
other jobs?
– Why do some businesses succeed and
others fail?
Greek Roots
? POSITIVE
? NORMATIVE
?
– State governments should be allowed to collect
from tobacco companies the costs of treating
smoking-related illnesses among the poor.
NORMATIVE
Microeconomics and
Macroeconomics
• Microeconomics focuses on the individual
parts of the economy.
– How households and firms make decisions
and how they interact in specific markets
• Macroeconomics looks at the economy as
a whole.
– Economy-wide phenomena, including
inflation, unemployment, economic growth
etc.
THANK YOU