1. GRAB YOUR TEXTBOOK!! MACROECONOMICS Need Notebook Today:
What is MICROeconomics? How do you think it differs from MACROeconomics?

2. Macroeconomics Macroeconomics:
the part of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions.

3. What are Governments & Labor Unions?
Government – the institution through which a society makes and enforces its laws
Labor Union - organization that works for its members’ interests concerning pay, hours, health coverage, fringe benefits, and other job related matters.

4. Micro vs. Macro Microeconomics Macroeconomics Individual units
Individual companies and their decisions
Market transactions on an individual level
Macroeconomics
Large units
Decision making of:
whole industries
large groups of people (unions)
the banking system
The economy
the government

5. Difference Between Micro & Macro
Read each of the following headlines and decide if it would be a MICRO or a MACRO story.

6. Who are the workers of America?
Civilian Labor Force:
men and women, 16 years old and over who are either working or actively looking for a job.
Who would not be considered part of this labor force?
military
elderly
children
physically unable
psychologically unable
Stay at home parents – choose no work
Prisoners.

7. HW from textbook!!