Macroeconomics
Macroeconomics is the branch of economics that focuses on the economy as a whole, including issues like growth, unemployment, inflation, and the balance of trade.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Macroeconomics. Branch of economics that focuses on the economy as a whole, including issues like growth, unemployment, inflation, and the balance of trade.
According to Macroeconomics by Mankiw (7th edition),
- Macroeconometric model. A model that uses data and statistical techniques to describe the economy quantitatively, rather than just qualitatively.