Bellwork: What is one thing you know or think you know about the study of economics???

 Definition: the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind  Let’s break it down:  Production?  Distribution?  Consumption of?  Goods and Services?  Material welfare of humankind?

 Economics is analyzed throughout society to try to explain:  Business, finance, government, crime, education, family, health, law, politics, religion, social institutions, war, and science.  Take a few minutes with a partner and describe how economics affects FIVE of the areas listed above (revisit the definition if you have to).

 Microeconomics:  Examines the economic behavior of individuals, firms, consumers, and producers  Macroeconomics:  Addresses issues of unemployment, inflation, economic growth, and monetary and fiscal policy for an entire economy  What is a good way for us to remember the difference?  Microscope is for looking at small things

 Think of some examples of micro vs macro for you…  Example:  Mirco = Mr. McCullough’s Economics Class  Macro= Waianae High School  Think of at least 3 on your own…

 Opportunity Costs and Trade-Offs  Productivity  Markets (their role and how they function)  Economic Growth  Personal Economic Decisions  Competition  The National Economy