Drill Solutions of Economics UN SMA Paket 1B

Economy of a country is influenced by two aspects, one at the micro level and the other at the macro level. A business person should possess the inquisitiveness to understand the magnitude of economic activities occurring both at the micro and macro level and how it influences the behavior of the economy as a whole. Though he plays a small role at the micro level, the synergistic effects of hundreds of such activities boost up the economy to a higher level. Economists are concerned about the overall economic growth of a country that is a clear indication of thriving industrial activity and entrepreneurial development.
What are the fundamental concerns of macro economics?
Business cycles experience crests and troughs due to inflations and recessions. It is still an intriguing factor that unemployment reaches a record high even during times of expansion and production of goods and services fall down during cyclical downturn and millions of people lose their job. If macro economics can find the right solution to these problem situations, better will be the prospects of many people's lives and fortunes.
Monetary and fiscal policies should be formulated in such a way to reduce the severity of business cycles. Monetary policies serve the purpose of stabilizing the prices by managing the expansion and contraction of the volume of money in circulation by the central bank or Federal Reserve, to achieve certain objectives like full employment and stability of exchange rates.
Fiscal policy is associated with the government's stand regarding public revenue, public expenditure and public debt. It strives to reduce inequalities in income and wealth and develop a socially optimum pattern of investment. The investment pattern varies from country to country and it depends on the core economic wealth available in the form of resources and feasibility of such investment. Say, developing countries like India has its concentration of activity centered on telecommunication, power generation through alternate fuel resources and information technology.











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