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## Micro and Mactro Economics

### Microeconomics

- individuals' decisions and the economy
- profit, marktets, polution, production

### Mactroeconomics

- economy as a whole
- inflation, interest rates, taxes, GDP

## Positive vs Normative Economics

- How things are vs how they should be

## Basic principles

- what should be produced
- what resoueces
- for who
- how is it produced

## five goals of each economy

- inceased standard of living
- efficiency
- equity
- economic security
- economic freedom
- sustainability

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