Economicsandwe -

Economists split the world into two main views to understand how we function: 1. Microeconomics (The Small Scale) Focuses on how individuals and businesses make decisions.

We act based on rewards or punishments. Prices, taxes, and subsidies are the primary ways the economy nudges our behavior. 📈 Two Ways to Look at "Us" economicsandwe

The risk-takers who combine the other three to start businesses. Economists split the world into two main views

We usually decide based on the "next" unit. (e.g., "Is the extra hour of sleep worth the extra stress of being late?"). 2. Macroeconomics (The Big Picture) Prices, taxes, and subsidies are the primary ways

Focuses on how we perform collectively as a nation or the world. The total value of everything we produce.

To create anything for "us" to consume, we need four ingredients: Natural resources (water, oil, minerals). Labor: The effort and skills people provide. Capital: The tools and machinery used to make other things.