Economicsandwe

A blend of both, which most modern countries (including the U.S.) use to balance freedom with social safety nets. 💡 Factors of Production

How much more expensive things get over time, reducing our "purchasing power." economicsandwe

How our willingness to buy (demand) and a business's ability to sell (supply) determine the price of everything from coffee to iPhones. A blend of both, which most modern countries

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

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)

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.