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01 INTRODUCTION_1 - SECTION 1 INTRODUCTION TO...

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SECTION 1: INTRODUCTION TO MACROECONOMICS
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MICROECONOMICS: Examines the behavior of individual consumers, workers, firms and industries MACROECONOMICS Examines the behavior of the overall US economy
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EMPLOYMENT ACT OF 1946 “It is the continuing policy and responsibility of the Federal Government to use all practicable means…to promote maximum employment, production, and purchasing power”
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MAJOR MACROECONOMIC POLICY GOALS 1. Promote maximum production (Economic growth) 2. Promote maximum purchasing power (Stable prices) 3. Promote maximum employment 4. Smooth out business cycle fluctuations
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ECONOMIC POLICY: Government actions to influence the economy 1. FISCAL POLICY: a. Tax laws b. Government spending Determined by Congress and the President 2. MONETARY POLICY: a. Influence the money supply b. Influence interest rates Conducted by the Federal Reserve System
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TYPES OF ECONOMIC STATEMENTS DESCRIPTIVE STATEMENTS: Economic facts or data POSITIVE STATEMENTS: Statements or theories about how the economy works
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