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GRAB YOUR TEXTBOOK!!

Learn about the fundamental concepts of microeconomics, how it differs from macroeconomics, and the roles of governments and labor unions in the economy. Understand the distinction between micro and macro through real-life examples.

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GRAB YOUR TEXTBOOK!!

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  1. GRAB YOUR TEXTBOOK!! MACROECONOMICS Need Notebook Today: What is MICROeconomics? How do you think it differs from MACROeconomics?

  2. Macroeconomics • Macroeconomics: • the part of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions.

  3. What are Governments & Labor Unions? • Government – the institution through which a society makes and enforces its laws • Labor Union - organization that works for its members’ interests concerning pay, hours, health coverage, fringe benefits, and other job related matters.

  4. Microeconomics Individual units Individual companies and their decisions Market transactions on an individual level Macroeconomics Large units Decision making of: whole industries large groups of people (unions) the banking system The economy the government Micro vs. Macro

  5. Difference Between Micro & Macro • Read each of the following headlines and decide if it would be a MICRO or a MACRO story.

  6. Who are the workers of America? • Civilian Labor Force: • men and women, 16 years old and over who are either working or actively looking for a job. • Who would not be considered part of this labor force? • military • elderly • children • physically unable • psychologically unable • Stay at home parents – choose no work • Prisoners.

  7. HW from textbook!!

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