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Intro To Economics By Ervin Mafoua-Namy Ricky Jean-Louis P.6
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The Social Science of Economics Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Economists use theories, or models, to help understand the effects of an economic change.
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What is Economics? Economics is about making choices The problem is that wants or desires are virtually unlimited while the resources available to satisfy these wants are scarce
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Macroeconomics The study of the performance of the economy as a whole Macroeconomics steps back to consider the big picture such as total production, employment, the price level, and economic growth. Macroeconomics asks questions like: ▫Why does the U.S. economy generally experience higher rates of growth than European economies? ▫What causes inflation? ▫What effect does the national debt have on economic growth? etc.
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Microeconomics The study of individual economic choices Microeconomics focuses on choices made in households, firms, and governments Microeconomics examines the individual pieces of the puzzle Microeconomics ask questions such as: ▫How do individuals consumption decisions? ▫How do firms make profits and price their goods and services?
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Question 1 Macroeconomics deals with: ▫A) economic aggregates ▫B) the behavior of firms ▫C) the behavior of the electronics industry ▫D) the activities of individual units.
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Question 2 Microeconomics is not concerned with the behavior of: ▫A) firms ▫B) consumers ▫C) industries ▫D) aggregate demand
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Question 3 The study of inflation is part of : ▫A) macroeconomics ▫B) microeconomics ▫C) normative economics ▫D) descriptive economics
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Bibliography "MICROECONOMICS VS MACROECONOMICS." Beechmont Crest Publishing - Foreign Language, Business, Reference. Web. 26 Aug. 2009..
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