Asked by admin @ in Economy viewed by 425 People
Use what you have learned about macroeconomics to explain why the study of macroeconomics is important to daily life. What can people gain from understanding how economies work on the national or international level?
Answered by admin @
Why the study of macroeconomic is important in daily life?
Macroeconomic is the study of an economy as a whole at a large scale. The concerns related to national productivity, employment level, aggregate demand and supply, interest rates come under macroeconomic.
We survive in an economy which is directly related to finance so as a social being, we all are interrelated with each other to avail our own basic and daily interest.
For instance, we buy vegetables from shopkeepers in market, the shopkeepers buy vegetables from the dealers and dealers buy vegetables from farmer. So all this is just like a chain connecting us from one end to another. All this happens in an economy at a large scale i.e. macroeconomic.
Studying macroeconomic is same as studying our own interests existing in the economy. That is the reason why macroeconomic is important for us in our daily lives.
What can people gain from understanding how economies work on the national or international level?
Well, gaining doesn't mean to get something in reserve of understanding economies but without comprehending the term and concepts of economies is same as living in rocks and having no knowledge regarding your own surrounding.
It is essential for us to understand the works of our domestic economy on national and international level because we're the actual economy. All its works at any level are concerned with general mass like us.
So it can be concluded that people will gain knowledge of their surroundings from understanding how economies work on the national or international level.
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