COMM 220 Chapter Notes - Chapter 1: Price Level, Marketo, Producer Price Index

• School: Concordia University
• Department: Commerce
• Course: COMM 220
• Professor: Sirage Alattas

Document Summary

Microeconomics investors, owners of land, business firms, or any individual or entity that plays a role in the economy. : looks at the behavior of individual economic units like consumers, workers, Microeconomics tells us how consumers make purchasing decisions and how these choices are affected by changing prices and incomes and how firms decide how many people to hire, how workers decide where to work, and for what wage. Microeconomics also look at how economic units interact to form larger units(markets and industries) Macroeconomics national output, interest rates, unemployment, inflation, and aggregate markets. : looks at aggregate economic quantities like the level and growth rate of. Since macroeconomics is a global picture, it must rely on microeconomic foundations because individual economic units make up markets which make up aggregate markets. Microeconomics is using the scare resources (income, time, limited budgets) to make the most out of it, in other words, it"s the allocation of scarce resources.