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Chapter 1: Q 14. (page 25)

What are the three main goals of macroeconomics?

Short Answer

Expert verified

The three main goals of macroeconomics are:

  1. Low Inflation
  2. Low Unemployment
  3. Growth in the Standard of Living

Step by step solution

01

Step 1. Defining Macroeconomics

Macroeconomics remains the department of economics that deals with the economy as a whole. It concentrates on overall problems such as unemployment, inflation, and development.

02

Step 2. Concept of Low inflation 

The first main goal of macroeconomics is Low Inflation.

Inflation stands for the increase in the normal price level. Macroeconomics desires to regulate the rate of inflation.

03

Concept of Low Unemployment 

The second main goal of macroeconomics is low Unemployment

Unemployment stands in a condition when an individual is seeking a job but cannot discover a paid job. Macroeconomics analyses elements that will improve the rate of occupation in the economy.

04

Concept of the Growth of Standard of Living 

The second main goal of macroeconomics is the growth of Standard of Living

The economic development of the nation is defined by the average living of that country. Macroeconomics examines the elements that influence the standard of living and concentrates on enhancing it.

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