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Macroeconomics

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Macroeconomics deals with the economy as a whole. The millions of individual microeconomic decisions of the people, businesses, and government in their totality represent a nation’s economy. Macroeconomics economic goals involve three conditions associated with mixed economy such as the full employment, the levels of stability as well as economic growth which have the society desires (Schumpeter, 2004).  The government therefore has a duty of pursuing them through implementing economic policies. Other goals include balanced trade, economic freedom, equitable income distribution and stability of price level. There is no universal acceptance of the existing economic goals and they are also not complementary at all times (Lazear, 2000).

Macroeconomics business cycle implies periods that usually keep on recurring and they are associated with recession at times and prosperity at other times and they may be widespread in the entire nation. There is a need of identifying them through the variations in seasons such as the absence of sales of heavy clothing in summer (Blaug, 2007). They also have secular trends on the long run especially in relation to the population such is the case with the baby boom. The phases evident in the business cycle include peak, contraction, the times of recession, the trough, recovery, as well as expansion. Retrenchment in the workplace is the best indicator of changes in the business cycle which mostly occurs at the time of recession (Harcourt, 2007).

The economic variables in macroeconomics include the quantity, the quality as well as distribution. The implication of quality is the qualitative changes that take place in the processes of production (James, 2007). The occurrence of qualitative changes is at the time of the alteration of different price input as well as output (Baumol, 2007).  The implication of distribution on the other hand is the series of the events whereby the unit prices related to the constant-quality products as well as the inputs have been altered resulting to the changes in the level of income.

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