Intro to Economics
The basic economic problem
What is Scarcity?
Unlimited wants and limited resources
We CANNOT produce everything that everyone wants
A good or service that has a monetary worth placed upon it?
What is Value?
The law of supply states when the price increases...
What is the quantity supplied increases?
The man who came up with the "invisible hand" Theory
Who is Adam Smith?
Accumulation of goods that are tangible, scarce, can be exchanged, and are both useful and satisfying
What is Wealth?
Something that is necessary for survival
What is Need
This sets value of a good/service because it is useful and satisfactory
The law of demand states that as the price decreases,
What is the quantity demanded increases?
This Econ Daddy is known for the Aggregate Supply and Demand Model.
Who is Keynes?
Who is John Maynard Keynes?
Tinstaafl
What is "There is no such thing as a free lunch."
Something that you would like to have but not necessary to survive.
What is a Want?
Macro economics
What is the economy as a whole? The bigger picture.(Nationally, Globally)
The Demand Schedule
What is a chart that shows the various prices and corresponding quantity demanded?
This Economic Dad came up with comparative advantage when he advocated for trade.
Who is David Ricardo
PPC
What is Production Possibilities Curve
3 Questions of Economy
What to Produce
How to Produce
For Whom to Produce
The four factors of production
What are Land, Labor, Capital and Entrepreneurship?
The Supply Schedule and Chart
What is the chart that shows the relationship between price and quantity supplied?
This economics gu ru often makes awesome videos for students to understand the basics of economics.
He typically uses the Monster's Inc movie or Indiana Jones movies to get his point across to students.
Who is Jacob Clifford?
Opportunity Cost
What is the cost of an alternative use of money, time, and/or resources after a decision has been made?
What is the study of scarce resources and decision-making as it relates to the production and consumption of goods and services
What is Economics?
Microeconomics
What is the individual units of economy, the smaller picture?( Local businesses and consumers feeding into the larger economic picture.)
When the price of a product increases, the demand curve typically does this.
What is move upward along the curve?
Fair Trade
What is ensure ethical treatment and fair wages for workers?
Comparative Advantage
What is Producing a good at a lower opportunity cost?