ECON 1002 Lecture Notes - Lecture 1: Fixed Capital, Capital Formation, Indian Railways
Document Summary
1. 1 meaning and subject matter of macro economics. The te(cid:396)(cid:373) (cid:858)ma(cid:272)(cid:396)o(cid:859) has (cid:271)ee(cid:374) de(cid:396)i(cid:448)ed f(cid:396)o(cid:373) the g(cid:396)eek (cid:449)o(cid:396)d (cid:858)macros(cid:859) which means large. Macro economics deals with aggregates of the economy. It is defined as the study of economic aspects of the country as a whole. It studies about the problem such as full employment, gnp, savings, investment, inflation, government budget, balance of payments, economic growth etc. Theory of income and employment because the major subject matter deals with the determination of income and employment. Lord j. m keynes an eminent economist has played an important role in the development of macro economics. He is called the father of modern macro economics. In economics, a good is defined as any physical object, natural or man -made, or service rendered that could command a price in the market. It commands a price in the market: consumption goods and capital goods.
