SUPPLY/DEMAND
Products and services available for consumption or use
What is Supply?
Natural resources used to produce goods or services
What is Land?
type of digital asset which represents any digital stuff
What is an NFT?
economics problem in which every individual has an incentive to consume a resource, but at the expense of every other individual-with no way to exclude anyone from consuming
What is the Tragedy of the Commons?
Where students can learn about different colleges and jobs and talk with a specialist(s). (include location)
What is the College and Career Center (located in the Library)
The desire for a service or product
What is Demand?
timber, ores, soil
What are some examples of Land?
decentralized iteration of the internet that powers blockchain-based applications like NFTs
What is web3?
a good that can only be consumed by a single user
What's a rival good?
Econ club' advisor
Mr. Bale
where our wants or needs are greater than our limited resources
What is Scarcity?
chopping, mining, coding
What are some examples of Labour?
mining crypto coins to pay for ___ requires huge amounts of energy (Format: Implications of ___ on the (other answer))
What are the implications of NFT on the Environment?
Side effect/consequences of an action that affects others without being reflected in the cost of the good
What is the Concept of an Externality?
This billionaire graduated from Lynbrook High School in 2003
Who is Tony Xu, founder of Door Dash
Most of the time, if supply is up and demand is down, price does this
pencils, computers, knowledge
What are some examples of Capital?
changing the way we think about ownership of assets
What are the implications of NFTs on business?
Imposition of private property rights, government regulation, or the development of a collective action arrangement.
What are some solutions to the tragedy of the commons?
What year did Lynbrook have its first Hoco with the new quad?
2019
When there is only one seller of a particular good or service and there are no competitors
What is a Monopoly?
___ is an important part of economic production, It provides leverage during production and can save time and money (format: Why is ___ a good thing)
Why is Capital a good thing?
salary compensation based on worker's individual contribution to their company's project/bottom-line
What are the implications of NFTs on regular workers?
The example town used in the presentation
Vikinglandia
How many AP classes does Lynbrook offer?
17 AP classes (no AP econ :/)