The human capital component in the last chapter was the final missing piece in the economic puzzle revealed. Now, we can combine the elements and consider the economy as a whole. Macroeconomics analyzes the structure of an overall economy with its markets and other institutions. This chapter examines these general operations and discusses economic cycles, developing public policy, and macroeconomic theory.
Economic cycles result from existing conditions along with changes in relationships between supply and demand in the market of goods and services. These changes upset the economic equilibrium. However, the economy eventually restores this equilibrium with constant rhythms of time depending on consumer ...
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