Introduction to Economics The Second Quiz Review.
-
Upload
leona-cannon -
Category
Documents
-
view
217 -
download
1
Transcript of Introduction to Economics The Second Quiz Review.
![Page 1: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/1.jpg)
Introduction to Economics
The Second Quiz
Review
![Page 2: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/2.jpg)
This is a basic condition of living on this planet, there is only so much time and resources available to us.
![Page 3: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/3.jpg)
This is a basic condition of living on this planet, there is only so much time and resources available to us.
Scarcity
![Page 4: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/4.jpg)
This is the knowledge of how to run a table saw without cutting your hand off, accidentally.
![Page 5: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/5.jpg)
This is the knowledge of how to run a table saw without cutting your hand off, accidentally.
Human Capital
![Page 6: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/6.jpg)
This occurs because we’ve failed to plan ahead, or maybe a big snow storm (rare though they may be) has made it hard to restock the shelves at Wegmans.
![Page 7: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/7.jpg)
This occurs because we’ve failed to plan ahead, or maybe a big snow storm (rare though they may be) has made it hard to restock the shelves at Wegmans.
Shortage
![Page 8: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/8.jpg)
This would include, dirt, a building, corn seed, a hammer, post-it-notes, a typewriter and a person who can actually type.
![Page 9: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/9.jpg)
This would include, dirt, a building, corn seed, a hammer, post-it-notes, a typewriter and a person who can actually type.
Factors of Production
![Page 10: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/10.jpg)
Speaking of which, this would include the effort someone provides, for pay, to provide you a doughnut and coffee.
![Page 11: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/11.jpg)
Speaking of which, this would include the effort someone provides, for pay, to provide you a doughnut and coffee.
Labor
![Page 12: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/12.jpg)
This is the trade-off every government has to make for its people, the USSR did a poor job, the United States on the other hand, did a good job
![Page 13: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/13.jpg)
This is the trade-off every government has to make for its people, the USSR did a poor job, the United States on the other hand, did a good job
Guns or butter
![Page 14: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/14.jpg)
With almost every trade off, one of the rejected alternatives is more desirable than the other choices. This most desirable choice is called
![Page 15: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/15.jpg)
With almost every trade off, one of the rejected alternatives is more desirable than the other choices. This most desirable choice is called
Opportunity Cost
![Page 16: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/16.jpg)
This is the study of how we, and you, satisfy our unlimited wants with our unlimited resources.
![Page 17: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/17.jpg)
This is the study of how we, and you, satisfy our unlimited wants with our unlimited resources.
Economics
![Page 18: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/18.jpg)
What does thinking at the margin mean?
![Page 19: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/19.jpg)
What does thinking at the margin mean?
When you start considering the idea of adding another worker or another tool or line of workers – and the benefits or costs thereof.
![Page 20: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/20.jpg)
This is the cost of adding one unit, whether it be sleeping an extra hour or adding another deep fat fryer at McDonalds.
![Page 21: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/21.jpg)
This is the cost of adding one unit, whether it be sleeping an extra hour or adding another deep fat fryer at McDonalds.
Marginal Cost
![Page 22: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/22.jpg)
This is the extra benefit of adding one more unit.
![Page 23: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/23.jpg)
This is the extra benefit of adding one more unit.
Marginal Benefit
![Page 24: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/24.jpg)
This is a graph that shows alternative ways to use an economy’s productive resources.
![Page 25: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/25.jpg)
This is a graph that shows alternative ways to use an economy’s productive resources.
Production Possibilities Curve
![Page 26: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/26.jpg)
This is the use of fewer resources than the economy is capable of producing.
![Page 27: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/27.jpg)
This is the use of fewer resources than the economy is capable of producing.
Underutilization
![Page 28: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/28.jpg)
This shows the combination of both options available, like guns or butter, tanks and wheat, shoes and candy bars.
![Page 29: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/29.jpg)
This shows the combination of both options available, like guns or butter, tanks and wheat, shoes and candy bars.
Production Possibilities Frontier
![Page 30: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/30.jpg)
This is the use of resources in such a way as to maximize the output of goods and services
![Page 31: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/31.jpg)
This is the use of resources in such a way as to maximize the output of goods and services
Efficiency
![Page 32: Introduction to Economics The Second Quiz Review.](https://reader036.fdocuments.in/reader036/viewer/2022070410/56649efc5503460f94c0f00e/html5/thumbnails/32.jpg)
Well, there you have it, all you need to do well on the next quiz.
The only thing missing is trading off some free time for study time.