{"id":194,"date":"2015-04-20T20:27:49","date_gmt":"2015-04-20T20:27:49","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&#038;p=194"},"modified":"2015-07-11T22:59:37","modified_gmt":"2015-07-11T22:59:37","slug":"microeconomics-vs-macroeconomics","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/chapter\/microeconomics-vs-macroeconomics\/","title":{"raw":"Outcome: What Is Economics?","rendered":"Outcome: What Is Economics?"},"content":{"raw":"<h2>What you\u2019ll learn to do:\u00a0define economics and explain the difference between macroeconomics and microeconomics<\/h2>\r\nFrom the purchase of\u00a0the latest iPhone to the sale of tickets to\u00a0a popular concert or movie, economic forces are at work in even the simplest of personal and business transactions. In order to truly understand the science of economics, economists have to consider both the small picture (how individuals make decisions) and the big\u00a0picture (how entire countries make decisions), which is why the first section of this module covers\u00a0the two branches of economics: macroeconomics and microeconomics. Decisions made by governments impact the decisions made by business. Decisions made by business impact the decisions made by governments. When we put these two pieces together, you will be able to answer the question \"What is economics?\"\r\n<h3>LEARNING ACTIVITIES<\/h3>\r\nThe learning activities for this section include:\r\n<ul>\r\n\t<li>Video: What Is Economics?<\/li>\r\n\t<li>Reading:\u00a0Economics and Scarcity<\/li>\r\n\t<li>Reading:\u00a0The Division and Specialization of Labor<\/li>\r\n\t<li>Reading: Microeconomics and Macroeconomics<\/li>\r\n\t<li>Self Check: What is Economics?<\/li>\r\n<\/ul>\r\nTake time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.","rendered":"<h2>What you\u2019ll learn to do:\u00a0define economics and explain the difference between macroeconomics and microeconomics<\/h2>\n<p>From the purchase of\u00a0the latest iPhone to the sale of tickets to\u00a0a popular concert or movie, economic forces are at work in even the simplest of personal and business transactions. In order to truly understand the science of economics, economists have to consider both the small picture (how individuals make decisions) and the big\u00a0picture (how entire countries make decisions), which is why the first section of this module covers\u00a0the two branches of economics: macroeconomics and microeconomics. Decisions made by governments impact the decisions made by business. Decisions made by business impact the decisions made by governments. When we put these two pieces together, you will be able to answer the question &#8220;What is economics?&#8221;<\/p>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include:<\/p>\n<ul>\n<li>Video: What Is Economics?<\/li>\n<li>Reading:\u00a0Economics and Scarcity<\/li>\n<li>Reading:\u00a0The Division and Specialization of Labor<\/li>\n<li>Reading: Microeconomics and Macroeconomics<\/li>\n<li>Self Check: What is Economics?<\/li>\n<\/ul>\n<p>Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-194\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li><strong>Authored by<\/strong>: Linda Williams and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":78,"menu_order":2,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"ec3cebef-ba16-4fe1-a3a6-ac0e93a7501e","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-194","chapter","type-chapter","status-publish","hentry"],"part":81,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/users\/78"}],"version-history":[{"count":16,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/194\/revisions"}],"predecessor-version":[{"id":5039,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/194\/revisions\/5039"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/parts\/81"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/194\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/media?parent=194"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapter-type?post=194"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/contributor?post=194"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/license?post=194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}