ABSTRACT
Macroeconomics is a broad field of study, which is comprised of many areas of research. Key concerns of the discipline include the attempt to understand the causes and consequences of short-run fluctuations in economic activity (the business cycle), the attempt to understand the level of demand and supply in various markets (especially the product market, the labor market, and the capital market), the attempt to understand the interrelation between these markets, and the behavior of different agents in the aggregate markets (such as households, firms, governments, unions, central banks, and others). Another important field of study examines the determinants of long-run economic growth (defined as increases in national income).
