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Topic 1_ Lecturer_Introduction_revised.pptx

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Macroeconomics 1 Topic 1: The Principles of Macroeconomics
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What is economics? Economics is the study of how society manages its scarce resources In most societies, resources are allocated through the combined choices of millions of households and firms Economics is divided into: Microeconomics vs. Macroeconomics 2
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Microeconomics vs. Macroeconomics Microeconomics The study of how households and firms make decisions and how they interact in markets. For e.g.: Microeconomics focuses on individual markets, examining how incentives and trade-offs influence buyer and seller behaviour Macroeconomics The study of economy-wide phenomena, including inflation, unemployment, and economic growth. For e.g.: The setting of monetary policy depends primarily on macroeconomic factors 3
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What economists do? Economists influence most economic policies concerning taxes, interest rate, carbon tax, etc. Economists study how people make decisions: how much households and firms work, what they buy, how much they save and how they invest their savings. Economists also study how people interact with one another and how the government interacts with each other. 4
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What economists do? 2 Economists may be asked to explain the causes of economic events, or to recommend policies to improve economic outcomes. Economists are experts: o In government, the advice of economists can have a significant impact on the development of public policy. o In business, the advice of economists is important for formulating corporate strategy.
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