Economics class notes
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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