The study of unemployment is the subject matter of which one of the following Economics?

Question

Question

This question was previously asked in

UGC NET Paper 2: Commerce 4th March 2023 Shift 1

Answer 1

The correct answer is - Macroeconomics

Key Points

Macro Economics
- Macro Economics deals with the performance, structure, and behavior of the entire economy rather than individual markets.
- Unemployment is a key indicator analyzed in macroeconomic studies, as it reflects the overall health of an economy.
- It considers aggregate variables like national income, gross domestic product (GDP), inflation, and employment levels.
- Government policies such as fiscal policy and monetary policy are formulated based on macroeconomic data to address unemployment.

Additional Information

Descriptive Economics
- Focuses on describing economic facts and observations without forming judgments.
- Deals with "what is" and provides the factual basis for economic theories.
Normative Economics
- Concerns value-based judgments and opinions about what the economy should be like.
- Examples include statements like "The government should reduce unemployment."
Micro Economics
- Studies individual economic units such as households, firms, and markets.
- Unemployment is not a central focus of microeconomics, which instead deals with price determination, consumer behavior, and individual decision-making.