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Exploring Economics: The Social Science of Wealth Distribution

This introductory book explores economics by analyzing wealth production, distribution, and consumption. From macroeconomics to microeconomics, it covers theories and models used to understand economic changes, choices, and challenges.

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Exploring Economics: The Social Science of Wealth Distribution

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  1. Intro To Economics By Ervin Mafoua-Namy Ricky Jean-Louis P.6

  2. 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.

  3. 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

  4. 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.

  5. 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?

  6. 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.

  7. Question 2 • Microeconomics is not concerned with the behavior of: • A) firms • B) consumers • C) industries • D) aggregate demand

  8. Question 3 • The study of inflation is part of : • A) macroeconomics • B) microeconomics • C) normative economics • D) descriptive economics

  9. Bibliography • "MICROECONOMICS VS MACROECONOMICS." Beechmont Crest Publishing - Foreign Language, Business, Reference. Web. 26 Aug. 2009. <http://www.beechmontcrest.com/microeconomics_vs_macroeconomics.htm>.

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