DO NOW What is the difference between micro and macroeconomics? Explain.

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Presentation transcript:

DO NOW What is the difference between micro and macroeconomics? Explain.

2/7 105: Economic Thinkers

Stations At each station: Write the name of each economic thinker Summarize the quote associated with each thinker Identify 2 pieces of important information about each thinker’s economic philosophy based on the Summary

Adam Smith individuals own the means of production (factories, machines, land) and reinvest profits as capital to expand business Laissez-faire Free Market Economy

Karl Marx - The Communist Manifesto Radical Socialism Capitalists take advantage of workers Workers will seize control of the government and businesses redistribute profits equally own all property in common (no private property)