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Question
Give reason or explain the following.
Macro economics is the study of aggregates.
Solution
Meaning : The term Macro is derived from Greek word “Makros” which means large. It is the branch of economics, which studies the behaviour of all economics units combined together. Macroeconomics is a study of aggregates. It is the study of the economic system as a whole. Therefore, it is also called as Aggregate Economics.
Study of Aggregates: - scope of Macro Economics is wide. Macroeconomics is concerned with the study of aggregates. It is concerned with concept such as Aggregate Demand, Aggregate Supply, Total Output, General Price Level, National Income, etc.
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