macroeconomics

mac·ro·eco·nom·ics

noun plural but usually singular in construction \ˈma-krō-ˌe-kə-ˈnä-miks, -ˌē-kə-\

Definition of MACROECONOMICS

: a study of economics in terms of whole systems especially with reference to general levels of output and income and to the interrelations among sectors of the economy — compare microeconomics

— mac·ro·eco·nom·ic \-mik\ adjective

First Known Use of MACROECONOMICS

1948

Rhymes with MACROECONOMICS

microeconomics

macroeconomics

   (Concise Encyclopedia)

Study of the entire economy in terms of the total amount of goods and services produced, total income earned, level of employment of productive resources, and general behaviour of prices. Until the 1930s, most economic analysis focused on specific firms and industries. The aftermath of the Great Depression and the development of national income and production statistics brought new interest to the field of macroeconomics. The goals of macroeconomic policy include economic growth, price stability, and full employment. See also microeconomics; national income accounting.