Managing the Economy

Definition

Managing the economy refers to overseeing various aspects such as production levels, employment rates, inflation control measures, fiscal policies (taxation/spending), monetary policies (interest rates/money supply), trade regulations etc., aimed at achieving desired economic outcomes.

Related terms

Supply and Demand: The relationship between the quantity of a product or service that producers are willing to provide and the quantity that consumers are willing to buy at different prices.

Macroeconomics: The branch of economics that focuses on studying the behavior and performance of an entire economy as a whole, including factors like inflation, unemployment, economic growth, and fiscal/monetary policies.

Microeconomics: The branch of economics that examines individual economic agents (such as households or firms) and their interactions in markets for goods and services.