Unit 1: Overview of Economics
A study of economics usually begins by dividing the subject into microeconomics and macroeconomics. The former focuses on the exchanges between consumers and firms in markets for goods and services. In contrast, the latter focuses on exchanges that occur across all markets within a country, taking into account the interrelated actions of consumers, businesses, government agencies, financial intermediaries, and global trading partners as they exchange resources, goods, and services as well as facilitate currency and quantity flows. Furthermore, microeconomics concerns itself narrowly with the profit maximization goal, and macroeconomics addresses what should be done to achieve a greater, broader set of goals. Moreover, a feature common to a successful study of economics is your ability to distinguish changes that occur moving along a curve versus those that occur shifting a curve outward or inward.
Completing this unit should take you approximately 17 hours.