Apprentices of the Economist

This blog is a combined effort of the following apprentices from A-331: Kenneth L. Pangilinan, Korina Lei G. Gomez, Sharmaine M. Nunag, Katrizia P. Sicat, and Arviela Joy D. Mandani. By economist, we refer to Mr. Ahmed M. Mendoza, our instructor in Macroeconomics. :-) 


First, let us define the three main topics that this blog will touch - Economics, Microeconomics and Macroeconomics.


Economics is the study of how individuals and societies choose to employ scarce resources: what goods and services will be produced, how they will be produced, and how they will be distributed among the members of society. Economics is customarily divided into microeconomics and macroeconomics. 

Microeconomics looks at the smaller picture and focuses more on basic theories of supply and demand and how individual businesses decide how much of something to produce and how much to charge for it. People who have any desire to start their own business or who want to learn the rationale behind the pricing of particular products and services would be more interested in this area.

Macroeconomics, on the other hand, looks at the big picture (hence "macro"). It focuses on the national economy as a whole and provides a basic knowledge of how things work in the business world. 

Thus, for an overall perspective of how the entire economy works, you need to have an understanding of economics at both the micro and macro levels. :-)