1. DO NOW
What is the economic relationship between efficiency and underutilization? Explain.

2. 104: Microeconomics v. Macroeconomics
2/6

3. Macroeconomics Studies how the aggregate economy behaves
Concerned w/ large-scale or general economic factors, such as interest rates, national productivity, unemployment rate, etc.

4. Microeconomics
concerned w/ single factors and the effects of individual decisions
choices ppl. make; factors influence choices; how decisions affect price, supply and demand.

5. Textbook pp. 31-33 p. 31: answer questions 1a, 1c, 5, 8a, 8b