properties of macroeconomics:
Determinants of the level of economic activity, inflation, unemployment, interest rates, the roles of fiscal and monetary policies, exchange rates, international trade.
what is economics?
- the study of scarcity (limitedness)
- budget & the lack of abundance
- extends beyond money and scarcity
- related to any decision where scarcity is linked
micro vs macro economics:
micro:
- how decisions are made inside households
- how they interact in markets
- pricing, competition, and consumer behavior
macro:
- economy-wide phenomena
- inflation, unemployment, and economic-growth
- fiscal / monetary policy
seems interesting for sure
why do we care about macroeconomics:
- make decisions os that we can be in the most florishing state we can be in
- role-play macroeconomic policy makers
- govts, banks, etc
- distribution of wealth
- move money around so that no one is left behind
main fields of economics:
- environmental economics
- how economic activity affects the environment
- relates to scarcity
- climate change, resource mgt etc
- interantional economics
- trade, finance and economic relations between countries
- trade, policies, exchange rates and globalization
- labor economics
- work and employment
- wage determination, labor markets, and the effects of labor policies
- development economics:
- analysis of economic dev in low income countries
- poverty, inequality, policies for economic growth
- public economics
- analysis of govt taxation and spending
- public goods, taxation, and govt interventions
- health economics
- behavorial economic