Micro vs Macro
The Alabama House of Representatives passed two bills to allow for the state to modernize and update the toll road authority.
What is MACROECONOMICS?
The science of scarcity.
What is ECONOMICS?
The unemployment rate is 9%.
What is a POSITIVE STATEMENT?
Any skills skills/knowledge gained by a worker through education or experience.
What is HUMAN CAPITAL?
This is equal to revenue minus costs.
What is PROFIT?
Assume President Biden recently used his executive powers to impose tariffs on certain imports from China.
What is MACROECONOMICS?
We have unlimited wants, but limited resources.
What is SCARCITY?
Globalization inflicts economic harm to a country.
What is a NORMATIVE STATEMENT?
Any human-made resource that is used to produce other goods/services.
What is PHYSICAL CAPITAL?
This is the money spent by businesses to improve their production.
What is INVESTMENT?
The Jackson brothers organized the enterprise mill company with capital of 150,000.
What is MICROECONOMICS?
The most desirable alternative given up when you make a choice.
What is OPPORTUNITY COST?
Microsoft is largest producer of computer operating systems in the world.
What is a POSITIVE STATEMENT?
All natural resources that are used to produce goods and services.
What is LAND?
Sally is taking this concept into account when she decides that the next best alternative to going to college would be working a job
What is OPPORTUNITY COST?
During the financial crisis of 2008-09 major banks realized the economy was on the brink of disaster. Countrywide Financial, a large mortgage lender, made the decision to file for Chapter 11 bankruptcy, they decided to sell their assets and dissolve their organization. The organization terminated 2200 positions and over 3000 costumers lost their deposits.
What is MICROECONOMICS?
All the alternatives we give up when we make a choice.
What are TRADE-OFFS?
Unemployment is more harmful than inflation.
What is a NORMATIVE STATEMENT?
Any effort a person devotes to a task for which that person is paid.
What is LABOR?
These goods are created for indirect consumption.
What is CAPITAL GOODS?
Wal-Mart has decided to provide employees across the board a 3% pay increase. Wal-Mart employs about 1% of the population and will spend 2.1 billion dollars on the pay raise.
What is MICROECONOMICS?
Making decisions based on increments.
What is MARGINAL ANALYSIS?
Resources are best allocated by allowing the market to work freely.
What is a NORMATIVE STATEMENT?
Ambitious leaders that combine the other factors of production to create goods and services.
What is ENTREPRENEURSHIP?
Economists use the scientific method to make generalizations and abstractions to develop theories.
What is THEORETICAL ECONOMICS?