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

2. 2/7
105: Economic Thinkers

3. 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

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

5. 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)