Monday, January 23, 2017

January 03, 2017 


    • Macroeconomics - the study of economics as a whole 
      • Inflation, minimum wage, international trade 
    • Microeconomics - the study of individual or specific units of the economy
      • How households and firms make decisions and how they interact in markets 
      • Looking at the trees and not the forest 
    • Positive vs Normative economics 
      • Positive economics - the attempt to describe the world as is, very descriptive and it collects and presents facts
      • Normative economics - attempts to prescribe how the world should be, opinion based
    • Needs vs Wants
      • Needs - basic requirements for survival 
      • Wants - simply desires 
    • Scarcity vs Shortage 
      • Scarcity - most fundamental economic problems facing all societies, unlimited wants with limited resources 
      • Shortage - quantity demanded exceeds quantity supply 
    • Goods vs Capital 
      • Goods - tangible commodities; can be bought, sold, traded, and produced; 2 types of goods: capital and consumer goods 
      • Capital - items that are used in the creation of other goods 
    • Consumer goods  
      • Intended for final use by the consumer 
    • Services 
      • Work that is performed for someone 

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4 comments:

  1. Kenneth N.January 24, 2017 at 7:52 AM

    Wow!! I really like the way you set this up! The notes are exactly like what the teacher said, which is amazing because I can truly digest all the information within my head! This is reallt great! Good Job!!!

    ReplyDelete
  2. UnknownJanuary 24, 2017 at 9:07 AM

    This is a really good blog! Since we all have the same notes, the added videos are a great supplement to enhance my understanding of the topic. Well done!

    ReplyDelete
  3. Jason F.January 24, 2017 at 11:28 PM

    This is a well-organized blog. The format is neat and you added a video to wrap it up and provide extra information to our peers. Well done!!

    ReplyDelete

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