ECO 252 Macroeconomics

Macroeconomics is the study of whole economies--the part of economics concerned with large-scale or general economic factors and how they interact in economies.

Economists also look at two realms. There is big-picture macroeconomics, which is concerned with how the overall economy works. It studies such things as employment, gross domestic product, and inflation—the stuff of news stories and government policy debates. Little-picture microeconomics is concerned with how supply and demand interact in individual markets for goods and services.

Macroeconomics connects together the countless policies, resources, and technologies that make economic development happen. Without proper macro management, poverty reduction and social equity aren't possible.

On their own, these four propositions elevate the field into the realm of the essential.

Studies the performance of the overall economy, and policies that try to improve this performance.

One of the UN's central mandates is the promotion of higher standards of living, full employment, and conditions of economic and social progress and development. As much as 70 per cent of the work of the UN system is devoted to accomplishing this mandate. Guiding the work is the belief that eradicating poverty and improving the well-being of people everywhere are necessary steps in creating conditions for lasting world peace.

The UN has unique strengths in promoting development. Its presence is global and its comprehensive mandate spans social, economic and emergency needs. The UN does not represent any particular national or commercial interest. When major policy decisions are taken, all countries, rich and poor, have a voice.

We produce and compile research and data on the overall economy, banking and financial markets. Our goal is to help financial institutions operate in a safe manner and support a robust U.S. financial system.

Developments in the macroeconomy can have significant consequences for agriculture. Key factors linking agriculture to the U.S. and global macroeconomy are exchange rates, international trade, foreign and domestic income, employment, interest rates, and energy costs. International and domestic macroeconomic changes can cause major shifts in the values of these indicators, altering a country's agricultural prices, production, consumption, and trade.