Course Introduction: Principles of Macroeconomics

00:01 Hello and welcome to your online presentation of macroeconomics.

00:06 My name is James DeNicco and I will be your instructor or your guide through these presentations. This is your introduction.

00:13 So we're going to start talking about what economics is a little bit the difference between microeconomics and macroeconomics.

00:20 We're going to cover some terms that I think are important for you to know throughout the presentation series.

00:26 And then we're briefly going to talk about the different topics we'll go through in the presentation series.

00:31 So first, what is economics? Whenever I ask this question in class, I always have somebody say It's about money or it's about business. Yes, it is about money.

00:40 It is about business.

00:41 That's part of economics.

00:43 But economics is much broader.

00:45 Economics is social science that tries to answer a question.

00:49 It's a question of scarcity.

00:51 It's the study of choice.

00:53 In a world of scarcity, we have these unlimited wants and desires and needs, but we have limited resources.

01:01 We don't have enough resources to meet the wants and the needs and the desires of everybody. So that causes a problem and brings up some questions we have to ask. Those questions are what do we produce? How do we produce, and for whom do we produce it? Those are our broad economic questions.

01:19 So that's going to be your presentation.

01:22 This is your introduction.

01:23 I hope you enjoy it.

01:24 Thank you.