Principles of Macroeconomic Literacy emphasizes basic economic concepts such as value and cost in developing macroeconomic ideas. Besides the economics of Adam Smith, Freidrich Hayek, and Milton ...

Scarcity explains a basic economic ... panic-buying. The concept of costs and benefits is related to the theory of rational choice (and rational expectations) that economics is based on.

Macroeconomics is the study of the economy as a whole. It studies how the economy behaves, performs, and functions by addressing different economic concepts like gross domestic product (GDP ...