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Intro To Economics

Intro To Economics. By Ervin Mafoua-Namy Ricky Jean-Louis P.6. The Social Science of Economics. Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.

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Intro To Economics

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  1. Intro To Economics By Ervin Mafoua-Namy Ricky Jean-Louis P.6

  2. The Social Science of Economics • Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. • Economists use theories, or models, to help understand the effects of an economic change.

  3. What is Economics? • Economics is about making choices • The problem is that wants or desires are virtually unlimited while the resources available to satisfy these wants are scarce

  4. Macroeconomics • The study of the performance of the economy as a whole • Macroeconomics steps back to consider the big picture such as total production, employment, the price level, and economic growth. • Macroeconomics asks questions like: • Why does the U.S. economy generally experience higher rates of growth than European economies? • What causes inflation? • What effect does the national debt have on economic growth? etc.

  5. Microeconomics • The study of individual economic choices • Microeconomics focuses on choices made in households, firms, and governments • Microeconomics examines the individual pieces of the puzzle • Microeconomics ask questions such as: • How do individuals consumption decisions? • How do firms make profits and price their goods and services?

  6. Question 1 • Macroeconomics deals with: • A) economic aggregates • B) the behavior of firms   • C) the behavior of the electronics industry • D) the activities of individual units.

  7. Question 2 • Microeconomics is not concerned with the behavior of: • A) firms • B) consumers • C) industries • D) aggregate demand

  8. Question 3 • The study of inflation is part of : • A) macroeconomics • B) microeconomics • C) normative economics • D) descriptive economics

  9. Bibliography • "MICROECONOMICS VS MACROECONOMICS." Beechmont Crest Publishing - Foreign Language, Business, Reference. Web. 26 Aug. 2009. <http://www.beechmontcrest.com/microeconomics_vs_macroeconomics.htm>.

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