Abstract
Macroeconomics concentrates on the behavior of entire economies. Rather than looking at the price and output decisions of a single company, macroeconomists study overall economic activity, the unemployment rate, the price level, and other broad economic categories. These are referred to as economic aggregates. An economic aggregate is nothing but an abstraction that people find convenient in describing some salient features of economic life. Among the most important of these abstract notions is the concept of national product, which represents the total production of a nation's economy. The process by which real objects—such as—cars, tickets to football matches, and laptop computers, are combined into an abstraction called the national product is one of the foundations of macroeconomics. National product is the sum of the money values of all the final goods and services provided by the economy during a specified period, usually one year. There are several ways to measure the economy's total output, the most popular being the gross national product (GNP). The GNP is the most comprehensive measure of the output of all the factories, offices, and shops in the economy. Specifically, it is the sum of the money values of all final goods and services produced within the year.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
