Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
List of special economic zones wikipedia , lookup
Economics of digitization wikipedia , lookup
Steady-state economy wikipedia , lookup
Rostow's stages of growth wikipedia , lookup
American School (economics) wikipedia , lookup
Chicago school of economics wikipedia , lookup
Production for use wikipedia , lookup
Economic calculation problem wikipedia , lookup
Welcome to Macroeconomics Dr. Mohammad Alomar Alomar_111 1 Macroeconomics What are our needs? Goods and services. How to get goods and services? Production factors Alomar_111 2 Production Factors: 1- Land 2- Labor 3- Capital Alomar_111 3 The Economic Needs: What are our needs? How many goods and services? Can we state them all? Alomar_111 4 Scarcity: Can we satisfy all our needs? Limited resources. Economic needs exceed our limited resources. Alomar_111 5 What is Economics? A social science that is concerned with the efficient use of scarce resources to satisfy the maximum amount of our (economic) needs. Alomar_111 6 Scarcity and Choice: Since resources are scarce, goods and services produces cannot satisfy all of our needs. Therefore: must face a problem of Choice: Must decide what we produce and what we must give up. Alomar_111 7 The Opportunity Cost: The other goods and services that we gave up in order to produce good (X). What is your opportunity cost? Examples. Alomar_111 8 The mechanism to solve the economic problem: different economic systems 1234- Capital economy Socialism Mixed Islamic Alomar_111 9 What is Macroeconomics? Examines the economy as a whole or the aggregates (a collection of economic units): such as the government sector, household sector, and business sector. Total outputs, total employment, total income, aggregate expenditure, general price level. Alomar_111 10 What is Microeconomics? Microeconomics: Examines a specific economic units such as consumers, producers, an industry. Alomar_111 11