Macroeconomics
In short
Macroeconomics is a study of the behaviour of a national or regional economy as a whole.
Macroeconomics concerns the economic issues on an aggregate level. Hence, the very first question one may ask is: how much does a nation produce or what's the total output of a nation?
Naturally, the question leads to the very first concept of macroeconomics, Gross Domestic Product (GDP). It is the total value produced by an economy during a specific period.
Why does macroeconomics choose to measure a nation's total output by value?
