The “2020 Macro Economic Frq Answers” is an online forum for the macroeconomic community to share and explore ideas and concepts. A forum like this is a great place to get advice, answer questions, make new contacts, and generally connect with people with similar interests as you. In fact, if you have any questions about the issues that interest you, or any other questions, ask them and see what they have to say.
If you've read any of my articles before, you will know that I am an avid believer of micro versus macro. My main purpose in writing articles such as this one is to communicate the benefits of micro and macro economic policy. I also want to give some insight into what it means to be an amateur and an expert in the macroeconomics field. There is much information to digest, so let's take a quick look at some of the ideas we will be discussing:
“Micro” economics: What is micro? It is simply the economics of the minutiae. This is the part of the economy that is so small that we are not able to directly observe its effects on the broader macroeconomy. You could say that the microeconomy is in the “guts.” The macroeconomy, on the other hand, is where we can observe macro-economic effects in the form of economic growth and prosperity.
“Macro” economics: What is a macro? It is simply the economics of the bigger picture. The macroeconomy is the study of the world economy as a whole. As an example, imagine you are looking at a business plan. You want to ensure that the business plan you are considering is sound and realistic. However, the macroeconomics part of the business plan will be able to answer many questions that you have regarding the viability of the business.
“Financial” economics: What is financial? Financial is the study of how the economy works. It is the study of the distribution of income and the distribution of wealth. If you are reading an article on financial management, the focus will be on managing one or two of these factors. If you are trying to understand how a company's financial statements are arrived at, the focus will be on how these documents are arrived at. There are many fields within this category that encompass finance. For example, the stock market, banks, mutual funds, and other things of that nature.
“Food and Agriculture” economics: What is Food and Agriculture? Food and agriculture are the things that we eat. The things that we grow, harvest, process, and transport. The economics of food include how the economics of food affect the economy as a whole and the economy as a result. If you are trying to get a grasp on how different farming methods work, the economics of food will be the foundation on which you will base your understanding.