Fundamentals of Macroeconomics

No country’s economy can run smoothly for a very long time, and fluctuations keep happening.
The subject of economics is vast as it covers within its ambit both macro components and micro components.
Microeconomics deals with the smaller units in an economy which deals with individual behavior and patterns.
However, macroeconomics is the portion which covers the larger components concerning the whole country or region.
The term ‘macro,’ meaning big was first used in 1933 by economist Ragner Frisch followed by John Keynes.
The concept of macroeconomics existed from a very long time starting from the 16th century.
During the 18th century, when the classical theory was at its outset, macroeconomics played an important role in shaping the subject of economics.