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Economy - Essay Example

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Thus, it can be asserted that macro economy deals with long-terms economic growth and short-term fluctuations in a business cycle. In simple words, it…
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Download file to see previous pages In addition to that essay also evaluates the differences between consumption of wealth and economic classes using relevant example. On further note the essay analyses the impact of growing inequality on the U.S. macro economy.
In order to define the consumption concept in macro economy, it can be asserted that macro economy is considered to be extremely complicated which is observed to influenced by several factors. It assists country to measure and forecast the total productivity of the country. Total productivity of a country suggests the economic status of the country among entire world. It can be evidently asserted that multinationals used to evaluate its business opportunity through the help of macroeconomic concept. Wages and profit is directly and indirectly related with macro economy. The concept gross domestic product is related with wages and profit that has been illustrated below:
In accordance with modern economist Lord John Maynard Keynes (2003), income and wages determine the volume of employment in an economy which eventually depends upon the level of effective demand (Keynes 1-14). Consequently, the level of effective demand can be determined through the help of aggregate demand function and aggregate supply function. In case of two sector model, where government, industries and consumers’ are performing its operations, aggregate demand can be segmented in to two components such as consumption expenditure and investment expenditure. Thus, it can be asserted that consumption expenditure is an important component of aggregate demand in an economy (Keynes 1-14).
In order to define the concept of consumption function it can be asserted that consumption of a commodity depends upon the level of income. In addition with that it can be evidently asserted that there are many other factors which can influence income. Thus, it can be asserted that from the consumption ...Download file to see next pagesRead More
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