Introduction to Macroeconomics

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Presentation transcript:

Introduction to Macroeconomics 1 C H A P T E R Introduction to Macroeconomics

II. What are the stages of Economic Activity? Economic Resources I. What is Economics? “Open Question…..think of any meaning of Economics” II. What are the stages of Economic Activity? Economic Resources Production Processing Goods & Services

III. What are the Economic Resources? Natural Resources Human Resources Capital Entrepreneur

IV. Society’s economizing Problem There are limited economic resources compared to unlimited needs of individuals Societies must make choices under conditions of scarcity - Economic resources are sometimes called factors of production (inputs)

RENTAL INCOME INTEREST INCOME WAGES PROFIT & LOSS - Economic resources earn RESOURCE PAYMENTS as a result of using them in the production processing LAND CAPITAL LABOR ENTREPRENEUR RENTAL INCOME INTEREST INCOME WAGES PROFIT & LOSS

V. Now !! What is ECONOMICS? Social Science…. Limited (scarce) economic resources….Efficiently use…. Maximum satisfaction of human materials wants

VI. The difference between Microeconomics and Macroeconomics? Microeconomics …….Think of Your Self !!! Macroeconomics…….. Think of the economy overall !!!