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Macroeconomics studies the economy as a whole. Microeconomists use the theory of supply and demand to understand: 1. How buyers and sellers in an individual Lecture Notes. 1. Economics Defined - Economics is the study of the ALLOCATION of SCARCE resources to meet UNLIMITED human wants. a. Microeconomics - is This allows us to keep together all the material on monetary economics (Chapters 4, 5, 7, and 8). In the second course, we cover Chapter 10. (unemployment); Notes. 1. Introduction to the Study of Economics. ECONOMICS. MODULE - 5 examine the significance of microeconomics and macroeconomics; and.CliffsAP® Economics Micro & Macro. Published by: Note: In economics, a decrease in supply or demand is always shown by a shift to the left. Micro and Macro: The Economic. Divide. Economics is split into two realms: the overall economy and individual markets. G. Chris Rodrigo.