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Question
Define or explain the following concept.
Macro economic variables.
Solution
Macroeconomics variables
The economic variables of macro quantities are called macroeconomic variables. Macroeconomics is concerned with aggregation that relates to the whole economy and not of a particular industry. For instance, Macroeconomics analysis can be done in respect of total employment by considering the aggregation of all the sectors of the economy.
Macroeconomics variables includes national output, national income, aggregate demand, aggregate supply, total consumption, total investments, general price level, etc.
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