Changes

Our “economy” is our overall system at a national level of earning, saving and spending money on goods and services.  A booming economy has lots of job opportunities; a failing economy has lots of people out of work and unable to obtain a job.

Our “economy” is our overall system at a national level of earning, saving and spending money on goods and services.  A booming economy has lots of job opportunities; a failing economy has lots of people out of work and unable to obtain a job.

“Macroeconomics” uses the Greek root "macro-", which means “big”.  Macroeconomics is the study of the big picture of economics on the national level.  It includes analysis of the total money supply of dollars, the Gross National Product (total dollar value of all goods and services), and the national unemployment rate (the percentage of Americans who recently lost their job).

“Macroeconomics” uses the Greek root "macro-", which means “big”.  Macroeconomics is the study of the big picture of economics on the national level.  It includes analysis of the total money supply of dollars, the Gross National Product (the total dollar value of all goods and services), and the national unemployment rate (the percentage of Americans who recently lost their job).

“Microeconomics” uses the Greek root "micro-", which means “small”.  Microeconomics is the study of individual decisions about goods and services.  It includes issues like how much a barber should charge for a haircut, or how much a grocery store should charge to sell a loaf of bread.  Microeconomics includes the study of your decisions in buying a good or service.  Our course here focuses on microeconomics rather than macroeconomics.

“Microeconomics” uses the Greek root "micro-", which means “small”.  Microeconomics is the study of individual decisions about goods and services.  It includes issues like how much a barber should charge for a haircut, or how much a grocery store should charge to sell a loaf of bread.  Microeconomics includes the study of your decisions in buying a good or service.  Our course here focuses on microeconomics more than macroeconomics.

“Net benefits” are total benefits minus total costs.

“Net benefits” are total benefits minus total costs.