Econ
the study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs
What is economics?
The big picture: growth, employment, etc.
What is macroeconomics?
What is profit?
the difference between Total Costs and Revenues. This is WHY you’re in BUSINESS (Profit Motive!)
◦Profit=Revenues-Total cost
What is a producer?
company that makes goods
What should be at the top of your resume and cover letter?
Name
The things used to make other goods
What is a resource
a type of economics where he individual makes the economic decisions.
What is microeconomics?
What is revenue?
the total amount of $ a company or the government takes in
What is an example of specialization?
Which is more personalized to the job you are applying for?
Cover letter
What is scarcity?
unlimited wants but limited resources
Name one of the 5 economic questions.
WHAT to produce (make)
HOW MUCH to produce (quantity)
HOW to Produce it (manufacture)
FOR WHOM to Produce (who gets what)
WHO gets to make these decisions?
What is a variable cost?
the amount of money a business pays that changes over time (Labor and Raw Materials).
what we need to make goods and services
what is factors of production?
What is the average time someone looks at your resume?
6-15 seconds
Name three NEEDS for living
Water
Food
Shelter
Explain the difference between a want and a need.
Need to have water food, don't need car
What is a fixed cost?
the amount of money a business MUST pay each month or year (like rent and Capital expenses).
people who buy goods and services (formerly known as “stuff”)
What is the consumer?
What are 3 things you should include on your resume?
Name, contact info, previous job experience, clubs/organizations, etc.
The value of the next best choice
opportunity cost
Give an example of opportunity cost.
If you buy a pizza, you can't go to the movies.
the total amount of money it takes to produce an item (to pay for ALL Factors of Production).
What is cost
What are the four factors of production?
land
labor
capital
entrepreneurship
How many paragraphs should a cover letter be?
3-4