 We are going to discuss the topic of microeconomics and macroeconomics and under this I am going to explain the importance of macroeconomics. In the previous model, module we have defined the macroeconomics and what are the meanings of macroeconomics. Now the importance of macroeconomics can be explained from this power point that you are going to see on your screen that it has these 10 points not only this, there are the many other the national income, national output, total employment, total investment, total consumption, total saving, interest rate, trade cycle, business fluctuation and many many more. But the main essence as you can see is the main thing that that either the prefix of the national or the total is added. It means the income of single household or a single person that we study in microeconomics but when all these households or all these people's income we aggregate collect and then it becomes the national income, one the total income of a country. So in macroeconomics these all aspects of the total economy they are going to be studied and when we study these aspects then the importance of this subject cannot be undermined. The subject of macroeconomics provide the basic emphasis on the national income that how this national income will be earned, what are the basic aspects of an economy that will lead towards the total incremental part of that national income and mostly the studies of the previous they have described that the two parts are there the capital and the labor. So capital and labor when we say the labor is the total population of the human population of the country. So national income is basically was developed on the theory of the accumulation of the capital and the human capital in the form of labor. When we say the national income then we say the total country's income and then macroeconomics explain how various aspects of the economy they will form the national income. What will be the functioning of various setups? What will be the functioning of various factors of the production? What will be the functioning of various institutions that will develop the soft farms or either in the form of the hard capital in the economy? When the functioning of economy is decided then definitely there is a question that we have to assess that either that economy is working properly or it is working poorly. So the performance assessment of the economy it is also the subject of macroeconomics and macroeconomics helps us to determine the variables related to the functioning and performance of the economy. And when the performance of economy in one era or at one time is determined then it gives us a model that provides that how we can assess the performance of a country or an geographical part from one decade to the next decade or previous years to the next years. Here we can compare or we can study the fluctuations that why the economic performance of a country it was good in certain years. Why the performance of country was bad in certain years and how we can improve and what are the factors that will lead to the better performance even in the future. At the same time macroeconomics deals with the trade. When we say the production and we make the aggregate production then we come here to the national income and the total production it gives the trade performance of the economy. And over this then there will be the business cycles. And when we encompass all these aspects we come to know that what are the economic development features of that country. So here macroeconomics tells us that why a country is poor, why there is income inequality in that country. Or in other words we say that a country when we talk about national income or GDP then we will see how much is the total income of that country. But this total income does not tell us that among the people living in it whose income is more and whose income is less because when we average the total then we do not make that picture of distribution. Or it does not show us that it is exactly like the five individuals of the same house are taking different actions in which one is very poor and an average income and one is very rich. But when we gather the three of us and make the average then the very weak or poor one does not show us that deficiency. So the theories of macroeconomics, overall economic performance, all the features and troubles that we need to solve, the modules, the policies and what is the indicator that we need to work on. Do we need to work on human capital? Do we need to work on education? Do we need to increase labor productivity? Or do we need to increase our trade? Or despite all these things, if we see that in some countries everything is present but still they are not growing, then while looking there we see that there is a need for political stability. Here there are institutions that we need to talk about the setup or the institution. So macroeconomics is basically about the economic condition of any country and the name of studying all the things that help us. When we are forcing a country's economy and its economic condition for the future, then we need to study its previous years, its current situation. And this is possible only when we have all the macroeconomic tools, its proper data and its indicators are well defined.