Major components of macroeconomics
                     Short guide: Major components 
of macroeconomics
What is macroeconomics?
● Macroeconomics is an area of economics that focuses on aggregate demand 
and the supply of goods and services.
● Studying macroeconomics is complex to understand since it involves the study 
of the whole economy as one. 
● The factors of macroeconomic can be positive, negative or neutral.
Components of macroeconomics
Students need to understand these components to make their assignments effectively. 
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● Inflation
● Economic growth rate
● GDP
● Unemployment level
Inflation
● Inflation in any country arises when there is more demand for goods but less supply.
● It occurs when the price of manufacturing an item increases.
● When there is inflation in the country’s economy, people are ready to pay more. This 
usually occurs at a time of war or time of endemic.
● There is inflation when there is an excess supply of money in the country’s economy.
Economic growth rate
● A rate at which good and services production increases or decreases in an economy is the 
economic growth rate. It can be both negative and positive.
● When there is economic growth, the business operating in the economy will get a profit, and 
their stock prices will also rise. Higher economic growth allows businesses to invest more, 
and gain additional profit.
● The GDP reflects a country’s economic growth. Higher GDP means good economic 
conditions, and lower GDP indicates the poor state of the economy.
Unemployment level
● The unemployment level indicates the underutilization of the labour force in a country willing to 
work but not get any job.
● More the unemployment level in a country, the poorer it will become. A lower unemployment rate 
indicates prosperity in the country.
● Measuring the unemployment level in a country is important as it indicates an economy's 
incapacity to create jobs.
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