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Macroeconomic Meaning: Definition, Examples, and Translations

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macroeconomic

[ˌmakrəʊɪkəˈnɒmɪk ]

Definitions

Context #1 | Adjective

economic analysis

Relating to or affecting the whole economy or a large part of it. Macroeconomic factors include inflation, unemployment, and economic growth.

Synonyms

economic, financial, monetary.

Which Synonym Should You Choose?

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Word Description / Examples
macroeconomic

Used in discussions related to the economy as a whole, such as national growth, inflation, employment, and overall economic policies.

  • The government has implemented several macroeconomic policies to combat inflation.
  • Macroeconomic trends indicate a slowdown in economic growth for the coming year.
economic

Utilized broadly to refer to anything related to the economy or economics; can be used in both academic and everyday contexts.

  • The economic impact of the new tax law is still being evaluated.
  • They discussed the economic benefits of the new trade agreement.
financial

Focuses on matters related to finance, banking, investments, and the management of money, often at the corporate or personal level.

  • She received advice from a financial consultant to manage her savings better.
  • The company is facing financial difficulties and may need to cut costs.
monetary

Pertains specifically to money, often in the context of national interests such as currency supply, central bank policies, and interest rates.

  • Monetary policy decisions by the central bank can have a significant impact on inflation.
  • There was a monetary reward for any information leading to the capture of the criminal.

Examples of usage

  • The government is implementing macroeconomic policies to stimulate economic growth.
  • Macroeconomic indicators suggest a slowdown in the economy.
Context #2 | Noun

economics

The branch of economics that deals with the structure, behavior, and performance of an economy as a whole. It focuses on large-scale economic factors such as interest rates, GDP, and national productivity.

Synonyms

economic analysis, macroeconomy, national economy.

Which Synonym Should You Choose?

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Word Description / Examples
macroeconomic

Used when discussing broad economic factors at a large-scale, such as national or global economies, including topics like inflation, unemployment, and GDP.

  • The report provided a macroeconomic overview of the country's financial situation
  • Experts are concerned about the macroeconomic impacts of the new trade policies
economic analysis

Refers to the detailed examination of economic conditions, often used in research, policy-making, and business strategy to understand fiscal or market trends.

  • The economic analysis revealed that the market is likely to grow by 5% next year
  • A thorough economic analysis is essential before launching a new product
macroeconomy

Used to refer to the economy as a whole, focusing on aggregate phenomena such as total output, employment, and income.

  • Changes in the macroeconomy can significantly impact individual businesses
  • Studying the macroeconomy helps us understand the larger economic forces at play
national economy

Specific to the economic system or financial health of a particular nation, dealing with issues like national income, national expenditure, and overall economic policies.

  • Government policies play a crucial role in shaping the national economy
  • The national economy has shown signs of recovery after the financial crisis

Examples of usage

  • Macroeconomic theory explores how changes in the overall economy impact businesses and individuals.
  • Studying macroeconomics helps policymakers understand the effects of their decisions on the economy.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Historical Origins

  • The term 'macroeconomics' emerged in the 1930s as economists began to study the economy as a whole, particularly after the Great Depression.
  • John Maynard Keynes, a famous economist, greatly influenced macroeconomics with his ideas about government spending and economic stability in the 20th century.
  • The word 'macro' comes from the Greek word 'makros,' meaning 'large,' indicating that this field focuses on large-scale economic factors.

Economic Theory

  • Macroeconomic policies, such as monetary policy, govern how a country manages its money supply and interest rates to influence the economy.
  • Fiscal policy, which involves government spending and taxation, is another key aspect of macroeconomics that affects national economic health.
  • Economists often analyze indicators like GDP (Gross Domestic Product) and inflation to gauge the overall economic situation.

Pop Culture

  • Films like 'The Big Short' highlight macroeconomic events like the housing market crash and its ripple effects on ordinary people.
  • Popular economics books, including 'Freakonomics,' use real-world scenarios to explain macroeconomic concepts in an engaging way.
  • Television shows sometimes reference macroeconomic principles while discussing national policy and its impact on daily life.

Global Perspective

  • Macroeconomic events such as recessions or booms can have global effects, influencing trade between countries and international relations.
  • Emerging markets are often analyzed through macroeconomic lenses to assess their growth potential and economic stability.
  • Global organizations like the International Monetary Fund (IMF) use macroeconomic data to provide economic insights and recommendations to countries.

Psychological Impact

  • Public perception of a country's economic condition can influence consumer confidence, leading to changes in spending habits.
  • Periods of economic downturn often lead to stress and anxiety among individuals due to job loss or reduced income.
  • Behavioral economics, a growing field, studies how psychological factors affect people's economic decisions at both the micro and macro levels.

Origin of 'macroeconomic'

The term 'macroeconomic' was first introduced by Ragnar Frisch in the 1930s as a way to distinguish the study of aggregate economic activity from microeconomics, which focuses on individual markets and actors. Macroeconomics has since become a fundamental field in economics, essential for understanding and managing the overall performance of economies.

Word Frequency Rank

At position #12,786, this word is part of sophisticated English vocabulary. It's useful for academic or professional contexts where precise language is needed.