Lecture Defining Macroeconomics and Microeconomics

This is the first lecture from the Modern Scholar course Principles of Economics: Business, Banking, Finance, and Your Everyday Life taught by Professor Peter Navarro.

In this lecture Professor Navarro talks about the basics of macroeconomics and microeconomics. He provides numerous real life examples about how both macroeconomics and microeconomics affect our personal and professional lives. Professor Navarro is able to articulate a number of economic principles in a clear and concise way that is relevant to everyday life.

Introduction to Macroeconomics and Microeconomics

This course introduces both macroeconomics and microeconomics. At a business and professional level, macroeconomics can help to answer questions such as the following: How much should I manufacture this month? How much inventory should I maintain? At a personal level: Should I switch jobs - or ask for a raise? Should I buy a house now or wait until next year? Should I get a variable or fixed-rate mortgage? And what about my investments for retirement? In contrast, microeconomics can help to answer the following questions: How can my firm minimize its costs and increase its profits? What prices should I charge for my products? Will I really be better off financially if I quit my job now and go back for an MBA degree? What kind of career should I be preparing myself for? What about that new refrigerator or automobile I want to buy?

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