Knowledge in Macro economics on viden.io

Knowledge in Macro economics

economics

economics concepts

Macro economics

avinash tripathi

accounting and economic profit

Macro economics

parul dhawan

elasticity of demand notes

elasticity

Macro economics

deepak singh

Economics

Economics is a social science concerned with the production, distribution and consumption of goods and services. It studies how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.Economic analysis often progresses through deductive processes, much like mathematical logic, where the implications of specific human activities are considered in a "means-ends" framework.Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy, and microeconomics, which focuses on individual consumers. Microeconomics focuses on how individual consumers and producers make their decisions. This includes a single person, a household, a business or a governmental organization. Microeconomics ranges from how these individuals trade with one another to how prices are affected by the supply and demand of goods. Also studied are the efficiency and costs associated with producing goods and services, how labor is divided and allocated, uncertainty, risk, and strategic game theory. Macroeconomics studies the overall economy.  This can include a distinct geographical region, a country, a continent or even the whole world. Topics studied include government fiscal and monetary policy, unemployment rates, growth as reflected by changes in the Gross Domestic Product (GDP) and business cycles that result in expansion, booms, recessions and depressions.  There are also schools of economic thought. Two of the most common are Classical and Keynesian. The Classical view believes that free markets are the best way to allocate resources and the government’s role should be limited to that of a fair, strict referee. In contrast, the Keynesian approach believes that markets don’t work well at allocating resources on their own, and that governments must step in from time to time and actively reallocate resources efficiently.  Some branches of economic thought emphasize empiricism in economics, rather than formal logic — specifically, macroeconomics or Marshallian microeconomics, which attempt to use the procedural observations and falsifiable tests associated with the natural sciences. Since true experiments cannot be created in economics, empirical economists rely on simplifying assumptions and retroactive data analysis. However, some economists argue economics is not well suited to empirical testing, and that such methods often generate incorrect or inconsistent answers.

Macro economics

Palak Jain

IMF predicts India to grow at 7.3% in 2018, 7.4% in 2019

IMF predicts India to grow at 7.3% in 2018, 7.4% in 2019 The International Monetary Fund forecasted a growth rate of 7.3% in the year 2018 and that of 7.4% in 2019 on the lines of increasing oil prices and tightening of global financial conditions. The international organization said that India's growth has rebounded from "transitory shocks" such as the demonetization of high-value currency notes and the introduction of the Goods and Services Tax. The IMF called for reforms in labor and land markets in the country, as well as improving the business climate. It also suggested that Government intervention in the foreign exchange market should be limited to addressing disorderly market conditions. Inflation is expected to rise because of the narrow gap in output and effects of exchange rate depreciation.

Macro economics

Finance Club, IIM Ranchi