Changes

Freedom depends on the free exchange of money.  Communism and other totalitarian systems consist of government control over how money is earned, saved and spent.  Loss of this freedom inevitably results in the loss of freedoms of religion and speech too.

Freedom depends on the free exchange of money.  Communism and other totalitarian systems consist of government control over how money is earned, saved and spent.  Loss of this freedom inevitably results in the loss of freedoms of religion and speech too.

==Definitions==

==More Definitions==

Our “economy” is our system of earning, saving and spending money on goods (like food) and services (like teaching or entertainment).  “Economics” is the study of the production, distribution and consumption of goods and services.  We will refine our definition of “economics” throughout the course.

Our “economy” is our system of earning, saving and spending money on goods (like food) and services (like teaching or entertainment).  

“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 (total dollar value of all goods and services), and the national unemployment rate (the percentage of Americans who recently lost their job).