• Describe macroeconomics

• Contrast monetary policy and fiscal policy

Economics is concerned with the well-being of allpeople, including those with jobs and those without jobs, as

well as those with high incomes and those with low incomes. Economics acknowledges that production of

useful goods and services can create problems of environmental pollution. It explores the question of how

investing in education helps to develop workers’ skills. It probes questions like how to tell when big businesses

or big labor unions are operating in a way that benefits society as a whole and when they are operating in a way
that benefits their owners or members at the expense of others. It looks at how government spending, taxes,

and regulations affect decisions about production and consumption.

It should be clear by now that economics covers considerable ground. We can divide that ground into two
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