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How is the study of macroeconomics important in mass media?
How is the study of macroeconomics important in mass media?
Expert Solution
Macroeconomics is the study of economics dealing with human behavior of consumption (depending on demand) and production (relating to supply). With every action done in the economy whether buying a book, or purchasing a house will add to the productivity of the economy, Choice of productivity to be done by the people depends on the consumer choice and response to that commodity, thus impacting macroeconomic indicators of the economy (aggregate demand, aggregate supply).
In today's advanced economy consumer?s choice of what to type of goods to consume is highly impacted by the display in mass media. Traditional media through newspaper, radios and magazines and advanced mass media like television has helped the people to decide the choice made by them, which directly impacts the overall economy.
Aggregate demand of the economy is influenced by what is reflected through media, higher opportunities like employment and other changes in the economy are clearly placed by the media to influence the public. Thus, study of macroeconomics is important in mass media.
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