chapter  8
14 Pages

- Macroeconomics—Is It Still Helpful in an Age of Scarcity?

Macroeconomics is de¥ned as the study of a whole economy or, in other words, a relatively closed economic system, as opposed to its individual parts. A study of the components or building blocks of the overall economy (such as individual consumers, businesses, and markets) is the purview of microeconomics, the core of which is the analysis of supply and demand. Microeconomics is essentially what we have done to date in this examination of economic methodology; but it is time to look at the big picture.