The recent change in tax regime by the Indian government i.e the introduction of GST is one such example of things that fall under macroeconomics. That includes his or her legal status, culture, and state policies toward the individual. Search for wildcards or unknown words Put a * in your word or phrase where you want to leave a placeholder. Disclosure of Material Connection: I may have received one or more of the products or services I have written about for free in the hope that I would mention it on my blog. However, I think it’s more useful to describe those as schools of thought, as Danny did.   A tribe member's relationship to managing the herd defines his or her economic role. For example, "tallest building". In fact, you probably use them every day. Some others in this thread have described as capitalism and socialism as economic theories. Macroeconomics is the other side of the coin called economics. For example, "largest * in the world". Also, some of the links in the post above may be “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Yep, 1 & 2 are the big deal in the history of 20th century economic thought — and are directly related. The key factors of Microeconomics are : Demand, Supply, and Equilibrium; Production Theory; Costs of Production; Labor Economics; Examples: Individual Demand, Price of a product. Macroeconomics is a branch of Economics that depicts a substantial picture. For example, the Sami people of Scandinavia manage reindeer herds. Macroeconomics, study of the behaviour of a national or regional economy as a whole. Our society thrives on the five basic economic principles, whether its the marginal principle of economics or opportunity cost. What is Macroeconomics? Macroeconomic theory synonyms, Macroeconomic theory pronunciation, Macroeconomic theory translation, English dictionary definition of Macroeconomic theory. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices. Unlike microeconomics—which studies Microeconomics is the study of the behaviour of the individual units (like an individual firm or an individual consumer) of the economy. It implements the economic theory by widening its approach, to focus on issues of the economy as a whole unit. The better you understand these concepts, the better you can make the wisest choices when it comes to investments. Yet Hayek would argue that #3 and #4 are things that separates the men from the boys when it comes to understanding what significance #1 and #2 have for the science of economics. Macroeconomic Theory Dirk Krueger1 Department of Economics University of Pennsylvania January 26, 2012 1I am grateful to my teachers in Minnesota, V.V Chari, Timothy Kehoe and Ed-ward Prescott, my ex-colleagues at Stanford, Robert Hall, Beatrix Paal and Tom Sargent, my colleagues at UPenn Hal Cole, Jeremy Greenwood, Randy Wright and