Macroeconomic
(adjective)
- Relating to the study of the economy as a whole, rather than individual markets or industries.
- Concerned with the aggregate measures of an economy such as national income, gross domestic product, and inflation.
- Relating to the large-scale and long-term aspects of an economy, as opposed to microeconomics, which focuses on individual and short-term decisions.
Origin:
Derived from the greek words 'makros' meaning 'large' and 'oikonomia' meaning 'household management'.
Examples:
- Macroeconomic policy is concerned with the regulation of the overall level of economic activity.
- The government's macroeconomic goals are to maintain low inflation and stable economic growth.
- The macroeconomic trends in the country showed an improvement in the employment rate and a decline in the inflation rate.
- Macroeconomic indicators, such as GDP and inflation, are closely monitored by policymakers to track the health of the economy.
- Macroeconomic theories attempt to explain how the economy functions as a whole and how changes in individual parts impact the overall system.