Define macroeconomics.
b) Distinguish between these concepts in macroeconomics.
Stock and flow variables.
i) ii) Equilibrium and disequilibrium.
c) Discuss the circular flow of income and expenditure in the following instances. Use illustrations where necessary.
i) Three sector model with government sector.
ii)Four sector model with foreign sector.
d) Describe the components of GDP.

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The detailed answer for the above question is provided below Macroeconomics is the study of the behavior and performance of an economy as a whole rather than at the level of individual markets or indu... View the full answer