... channel a portion of its output into capital and technological development. The study of economics can be divided into two broad areas: microeconomics and macroeconomics. Microeconomics deals with the economic problems of the individual, the firm, and the industry. Macroeconomics deals with the aggregates of economics, including total production, total employment, and general price level. Economic theory develops rules and principles of economics ... ...

• Word Count: 884
• Approx Pages: 4

... channel a portion of its output into capital and technological development. The study of economics can be divided into two broad areas: microeconomics and macroeconomics. Microeconomics deals with the economic problems of the individual, the firm, and the industry. Macroeconomics deals with the aggregates of economics, including total production, total employment, and general price level. Economic theory develops rules and principles of economics ... ...

• Word Count: 884
• Approx Pages: 4

... and recession will occur. If there is a shortage of aggregate demand the government should step in, and increase it's own expenditure, the use of fiscal policy as an instrument of macroeconomics was the greatest legacy of Keynes. Although the implementation of Keynes ideas started to help his contribution to the development and growth in Europe and is mainly seen in around ... . The way in which these ideas have helped Europe can be seen today in its continuing economic growth and stability. "The General Theory", as it is known also founded modern macroeconomics, and virtually all of the...

• Word Count: 3219
• Approx Pages: 13
• Grade Level: High School