Economics, Macroeconomics, and Microeconomics

About

EconVenture (Economics + Adventure) Discussion encourages you to explore economics from the perspective of five economic agents: an individual, a small business owner, a major corporation, a fiscal policy maker, and the monetary policy maker and engage in a discussion with your peers.

Estimated Time

An estimated 1 hour is needed to complete this activity.

Prompt

Economics, Macroeconomics, and Microeconomics

Economics is the study of how humans make decisions in the face of scarcity.

Macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government surpluses and deficits, and levels of exports and imports. On the other hand, microeconomics focuses on the actions of individual agents within the economy, like households, workers, and business.

The key is that macroeconomics and microeconomics are not separate subjects, but rather complementary perspectives on the overall subject of the economy.

Given this, we will include both what are traditionally microeconomic agents (individuals, small businesses, and major corporations) and macroeconomic agents (fiscal policy makers and monetary policy makers) as agents that you select each week.

Economic Agents

There are five economic agents that you can select from:

Individual ?? ??

Small business owner ???? ????

Major corporation ? ?

Fiscal policy maker ???

Monetary policy maker ??

Individuals

Individuals are people like you and me. When we hear economics, concepts like scarcity, opportunity costs, utility, marginal benefit, marginal cost, supply and demand, and price and quantity, may come to mind.

• Small businesses and Major corporations
• Small businesses and major corporations are firms whose primary goal is to earn a profit, which means their total revenues are greater than their total costs. Firms differentiate on size and “size is determined by the amount of average annual receipts or by the number of employees.” See Part I: The Government Definition of a “Small Business”Links to an external site. and Table of size standards (sba.gov)Links to an external site. for more information on how this differentiation is determined.
• Fiscal policy makers
• Lastly, the government consist of fiscal policy makers and monetary policy makers. Examples of fiscal policy makers include federal, state, and local government elected officials and appointed officials.
• Federal elected officials include Members of the U.S. House of Representatives, U.S. Senators, and the President. Appointed officials include Commissioners of the Federal Trade CommissionLinks to an external site., the Director of the Consumer Financial Protection BureauLinks to an external site., and the National Labor Relations BoardLinks to an external site..

State elected officials include members of state legislatures and statewide elected officials like state governors and state attorney generals. Appointed officials include leaders of departments, bureaus, and boards that oversee sectors of the economy, like the California Department of Real Estate, Links to an external site.CA Department of InsuranceLinks to an external site., California Bureau of Automotive Repair,Links to an external site. and Medical Board of CaliforniaLinks to an external site., to list a few.

Local elected officials include city council members, city mayors, and local board commissioners and trustees. Appointed officials include leaders of joint powers authorities, like San Diego County Association of GovernmentsLinks to an external site. or East County Advanced Water Purification JPALinks to an external site..

Monetary policy maker

As for monetary policy makers, they are called Central Banks. The Federal ReserveLinks to an external site. is the Central Bank of the United States.

Once you select an economic agent and read their very brief perspective on a chapter topic, you need to expand on the perspective with 2 or more sentences. How you “expand on the perspective” is open-ended, so there is no “right” or “wrong” answer. You are encouraged to bring in key concepts, terms, or equations from the chapter relevant to the economic agent, list another relevant question the economic agent would pose, or share a resource for the economic agent.

After your Post, you need to Reply to at least one peer by positively validating their post (1 sentence), declare whether you agree/like or disagree/dislike with their expanded perspective of the economic agent (at least 1 sentence), and state at least one reason why you agree/like or disagree/dislike (at least 1 sentence).

Instructions

Step 0: View Embedded PowerPoint

View embedded PowerPoint

Go to the slide(s) for the specific Week/Chapter of this discussion

Step 1: Select an Economic Agent You are Interested In

Individual ?? ??

Small business owner ???? ????

Major corporation ? ?

Fiscal policy maker ???

Monetary policy maker ??

Step 2: Read the Perspective of your Selected Economic Agent

For each chapter, each economic agent has a provided perspective.

Each perspective is a simplification of what an economic agent would think about the chapter topic.

Note: the simplified perspective necessarily ignores details and complexity of the chapter to allow you to focus on expanding the perspective.

Step 3: Write a Post that Expands on the Perspective

• Declare which economic agent you selected (1 sentence)

Expand on the perspective of your selected economic agent (2 or more sentences).

Recall: How you “expand on the perspective” is open-ended, so there is no “right” or “wrong” answer. You are encouraged to bring in key concepts, terms, graphs, charts, or equations from the chapter relevant to the economic agent, list another relevant question the economic agent would pose, or share a resource for the economic agent.

Step 4: Reply to a Peer

In 3 or more sentences, reply to a peer. Your reply, at a minimum, should include the following.

Positively validate your peer’s post (1 sentence).

Declare whether you agree/like or disagree/dislike with their expanded perspective of an economic agent (at least 1 sentence).

State at least one reason why you agree/like or disagree/dislike (at least 1 sentence).

Step 5: Proof-read for Spelling and Grammar

Please proof-read your work before submitting.

I do not grade on spelling and grammar. However, I will note whether your spelling and grammar is good or needs improvement.

If you see a needs improvement mark, please schedule an appointment with the Tutoring Center (cuyamaca.edu)Links to an external site..

Frequently Asked Questions

Do I have to choose the same economic agent week after week?

No. You have the flexibility to choose which economic agent’s perspective you will expand upon each week. In other words, feel free to explore a different economic agent each week.

Can I see my peers’ posts and/or replies before I post?

• No. You will only be able to see your peers’ posts and/or replies after you have submitted your own post.

Can I write more than the minimum number of required sentences?

Yes. You are welcomed to write more than the minimum number of required sentences for a post or reply. I appreciate it when students contribute to a robust discussion.

Can I reply to more than one peer?

Yes. You are welcomed to reply to more than one peer. Again, I appreciate it when students contribute to a robust discussion.

Can I earn extra credit for additional sentences or replies?

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