DO NOW What is the economic relationship between efficiency and underutilization? Explain.

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Presentation transcript:

DO NOW What is the economic relationship between efficiency and underutilization? Explain.

104: Microeconomics v. Macroeconomics 2/6

Macroeconomics Studies how the aggregate economy behaves Concerned w/ large-scale or general economic factors, such as interest rates, national productivity, unemployment rate, etc.

Microeconomics concerned w/ single factors and the effects of individual decisions choices ppl. make; factors influence choices; how decisions affect price, supply and demand.

Textbook pp. 31-33 p. 31: answer questions 1a, 1c, 5, 8a, 8b