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macroeconomics, study of the behaviour of a national or regional economy as a whole. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices.
economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth.
Over the years, economists have considered four theories to define and explain inflation: The quantity theory of money (preferred by Milton Friedman and the “Chicago School”), the demand-pull (“Keynesian”) theory, the cost-push theory, and the structural theory.
Keynesian economics, body of ideas set forth by John Maynard Keynes in his General Theory of Employment, Interest and Money (1935–36) and other works, intended to provide a theoretical basis for government full-employment policies.
economics. Find all you need to know about retirement, investing, and household finance, without the jargon or agenda. Get guidance, insight, and easy-to-understand explanations, verified to Britannica’s standards.
Gross domestic product (GDP) is the total market value of the goods and services produced by a country’s economy during a specified period of time.
macroeconomics, Study of the entire economy in terms of the total amount of goods and services produced, total income earned, level of employment of productive resources, and general behaviour of prices. Until the 1930s, most economic analysis focused on specific firms and industries.
Consumption, in economics, the use of goods and services by households. Neoclassical (mainstream) economists generally consider consumption to be the final purpose of economic activity, and thus the level of consumption per person is viewed as a central measure of an economy’s productive success.
In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute.
Depression, in economics, a major downturn in the business cycle characterized by sharp and sustained declines in economic activity; high rates of unemployment, poverty, and homelessness; massive declines in stock markets, and great reductions in international trade and capital movements.