Macroeconomics

Macroeconomics

Macroeconomics

Macroeconomics can literally be defined as large economics as indicated by the word “macro” and economics respectively.it is therefore an economic branch that deals with the behavior, structure, decision-making and the performance of a particular economy as a whole as compared to individual markets. Examples of macroeconomics include regional, national and global economies that dictate a large market share (Acemoglu, 2009).

Economic growth refers to an increment in the capacity of a particular economy to produce the much-needed goods and services as compared with a period of time to another. It can be looked at in very ordinary terms that include inflation or in what is referred to as real terms that are adjusted for towards inflation. For the comparison of one’s country economy to another, factors like GNP or GDP per capita must be taken into consideration because they include or involves the differences in the population of the said countries. (Acemoglu, 2009).

Additionally, economic growth is in most cases is in association with changes in the technology. The United States was experiencing an overwhelming economic growth during introduction of internet. This opened major markets and new ways of conducting business like online marketing.

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To enhance economic growth, our society needs to identify economic opportunities, exploit them while coming up with policies that favor a trajectory in terms of economy.

References:
Acemoglu, D. (2009). Introduction to modern economic growth. Princeton: Princeton University

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