needs vs wants
is a house a need or want ?
needs
What is macroeconomics?
the study of large-scale economic issues, such as inflation, GDP (GDP), and unemployment. It helps form the basis of a large part of government economic policy.
Is water Scarcity or shortage?
Scarcity
4
what is Ms.Lopez first name?
Liliana
what is a good?
physical object made by someone
What are the 5 principles of macroeconomics?
economic output, economic growth, unemployment, inflation and deflation, and investment
2. groceries/stores, coins
Under which factor of production would Steve Jobs be placed?
Entrepreneurship
Are we Ms.Lopez favorite class?
WE DONT KNOW:(
what is a service ?
action or activity performed by someone
what is production possibilities curve?
a production possibilities curve shows alternative ways to use an economy productive resources
What is Scarcity?
Created by nature = Scarcity is permanent Or Everything is limited
What did Ms buy for 1K????
A doll
what is a want?
something desired but not needed for survival
What does high demand do markets?
It creates shortage's
Is this class fun ????????????????
NAH
in a mass consumer society is a cell phone a need or want?
a want
Vocabulary
Production Possibilities Frontier
Production Possibilities Curve
Law of Increasing Opportunity Cost
Opportunity Cost
Scarcity
Trade-offs
Guns and Butter
Thinking at the Margin
Are coins considered scarcity or shortage?
It would be considered shortages.
What is the difference between a physical capital and a human capital?
Physical capitals are used as tools for humans doing their job, and human capitals are skills a human gains.
What is Roselyn, Jadon, Gus, and boogers middle name?
Ava, Iskandar, Eliezer, Josue