MACROECONOMICS

MACROECONOMICS Study of economy-wide phenomena National Income Unemployment The Big Picture National Output Inflation Contrasts with Microeconomics Includes National, Regional & Global Economics - - Introduction to Macro Economics . There is a danger of excessive generalisation of the economy as a whole. . It assumes homogeneity among the individual units. . There is a fallacy of composition. What is good for an individual need not be good for nation and viceversa. And, what is good for a country is not good for another country and at another time. .  Many non - economic factors determine economic activities; but they do not find place in the usual macroeconomic books.