France	Sweden
United States	Japan

There are three major types of economic systems.
1. Capitalistic Economy (Capitalism),
2. Socialistic Economy (Socialism) and
3. Mixed Economy (Mixedism)

1. Low Income
2. Middle Income
3. High Income Economies

Macro economics suffers from certain limitations. They are:
1. There is a danger of excessive generalisation of the economy as a whole 
2. It assumes homogeneity among the individual units.
3. There is a fallacy of composition. What is good of an individual need not be good for nation and viceversa. And, what is good for a country is not good for another country and at another time.
4. Many non - economic factors determine economic activities; but they do not find place in the usual macroeconomic books

All economics face the problem of business fluctuations.

The movements of business cycles are,
(i) Boom
(ii) Recession
(iii) Depression and
(iv) Recovery

There are three models of circular flow of income. They are,
(i) Two sector model
(ii) Three sector model
(iii) Four sector model

(i) Circular flow of income is a model of an economy showing connections between different sectors of an economy.
(ii) It shows flows of income, goods and services and factors of production between economic agents such as firms, households, government and nations.

(i) A Model is a simplified representation of real situation.
(ii) Economists use models to describe economic activities, their relationships and their behaviour.

(i) Capitalism is a system where the means of production are privately owned.
(ii) Market determines the economic activities (e.g.) The USA, Japan.

Economies can be classified into different types based on the Status of Development are
1. Developed
2. Underdeveloped
3. Undeveloped and
4. Developing economies

An Economy is refered to any system or area where economic activities are carried out.

(i) Inflation refers to steady increase in general price level.
(ii) The General price level is based on Wholesale Price Index, Consumer Price Index.

Macro economics is the branch of economics that studies the behaviour and performance of an economy as a whole.