Economics
is the study of choices we make among our many wants and desires, given our
limited resources. Resources are the input that society uses to produce output,
called goods. These resources and goods are considered scarce because of
society’s tendency to demand more resources and goods than are available.
Macroeconomics is the study of the market system on a large scale.
Macroeconomics considers the aggregate performance of all markets in the market
system and is concerned with the choices made by the household sector, the
business sector, and the government sector.