The Field Of Economics: The Case Study Of Macroeconomics

Macroeconomics is the field of economics that studies the behavior of the whole economy, not just on specified companies but entire industries and economies. The study of Macro Economics is carried through demand and supply on the basis of economy as a whole. Unemployment is a macroeconomic circumstance that affects people in many ways. Our nation’s unemployment rate has dropped down recently to five percent, the lowest in seven whole years.

A high unemployment rate, such as during the Great Depression, can provoke political and legal changes. The Great Depression was a period of high unemployment, low incomes, and extreme economic hardship that lasted from 1929 to 1939. It was the deepest and longest economic turndown in the entire history. In 1933, the GDP had fallen by a huge 30 percent, being that the GDP had fallen by 30 percent this had a huge effect on the economy. Economists and leaders thought that this turnover was a mild bump, but little did they know that it would last for a few years. By 1933, the employment had risen from 8 to 15 million and the gross national product had decreased from $103.8 billion to $55.7 billion. No one knew how to respond to this crisis but with balanced budgets and lower taxes the unemployment rate drop and it

We have all been unemployed at some point in our lives. The unemployment rate is the ratio of the number of unemployment to the labor force, the labor force is the sum of the number of employed and unemployed individuals. Most importantly, both the unemployment rate and the number of people can both increase significantly. One must have actively looked for a job within the past four weeks to be considered unemployed. The unemployment rate is calculated by dividing the number unemployed by the number in the labor force, where the labor force is the sum of the unemployed and the