Turkish Economic Analysis for the Last Three Decades - Case Study Example

Generally, the paper "Turkish Economic Analysis for the Last Three Decades" is a perfect example of a macro & microeconomics case study. Economics is identified to be a social phenomenon, which is linked with the aspects of studying individuals, firms, governments, and nations among other constituents. Two important determinants i.e. micro and macroeconomics are ascertained to facilitate in evaluating the perspective of any nation’s economy. All activities in the nation related to production, consumption, as well as trading of products and/or services, encompass the national economy.

Such activities are related to everyone from individuals to establishments including businesses as well as government. Culture, provision of law, historical aspects, and geography among other factors determine the economy of a nation. Thus, because of such aspects, the functioning of the two economies is identified to be dissimilar. Microeconomics constituent concentrates on the aspects related to action as well as behaviour of individual units including individuals, households, and individual firms.

Additionally, microeconomics focuses on change in the demand and supply in a particular market. On the other hand, macroeconomics presents a broader view of an economy and its impact on the entire nation and the international market at large. Moreover, it includes an analysis of a nation’s economic performance, structure along with government policies that impact the economic condition of the nation. Economic problems are duly considered a major issue for any economy because they create adverse impacts and discrepancies in certain important developmental aspects and influence economic stability as well as the growth of the nation.

GDP trend, the rate of inflation, unemployment aspects, trade balance, along exchange rate are key macroeconomic indicators that reflect the economic stability of a country. Evidently, various nations including Turkey in the previous few decades have faced negative trends of such aspects, which is a major reason to explore other economic issues in the nation (Carson, Thomas & Hecht, 2015).