Unlike Microeconomics, whereby the data available is relatively limited, the data for Macroeconomics is abundant for almost every country out there.
As with all Economics data set, beyond the definition and calculation of the figures, interpretation is much more important:
The above is data that relates to GDP and the objective of growth.
The above is data that relates to the objective of low unemployment.
The above is data that relates to the objective of low inflation and stable prices.
The above is data that related to the objective of balance of payments.
At the minimum, this basic interpretation of knowing what each data is representing is a must for every macro case study.
For example: Every economy aims for low and stable inflation rate.
Note that the word ‘stable‘ is superfluous. Which country wants an unstable rate of inflation??
As for the word ‘low‘, this is more meaningful. Exactly how low is low? That is why you have to offer some form of interpretation. Literally, you have to make sense or make meaning out of the indicator and numbers.
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