What is the importance of Macroeconomics?

The theoretical and practical importance of macro economics is briefly discussed as.

1. It is helpful in understanding the functioning of macro economics system.

2. It explains the factors which determine the level of national income and employment in as economic.

3. It explains the circular flow of national income in an economy.

4. It explains the problem of unemployment which is a main problem of developing countries.

5. It explains the various aspects of international trade such as terms of trade balance of payments, foreign exchange etc.

6. It studies the causes of fluctuations in the business cycle and to formulate the policies to control inflation and deflation.

Well I would not fully agree on the previous answer, because its more macroeconmic assessment that he described.

Important is the step that comes next, to predict the future development based on the macroeconomic assesment for the situation of a business and to make decisions.

Profit oriented businesses want to know how currencies will develop in order to hedge versus currency risks.

In addition they also want to predict the wage development as well the development of resource prices, transport costs etc.

And of course they want to know how target markets will develop, if the purchasing power will climb or decline or well if a population grows or shrinks and if there will be more or less customers in the future.

So I would say the importance is not the assessment of macroeconomic data, but the business decisions that result from it in order to maximize profits or to minimize losses.

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