No country’s economy can run smoothly for a very long time, and fluctuations keep happening.<br />The subject of economics is vast as it covers within its ambit both macro components and micro components.<br />Microeconomics deals with the smaller units in an economy which deals with individual behavior and patterns.<br />However, macroeconomics is the portion which covers the larger components concerning the whole country or region.<br />The term ‘macro,’ meaning big was first used in 1933 by economist Ragner Frisch followed by John Keynes.<br />The concept of macroeconomics existed from a very long time starting from the 16th century.<br />During the 18th century, when the classical theory was at its outset, macroeconomics played an important role in shaping the subject of economics.
