Next Lecture Topics
Name three topics we will be working on next lecture
Unemployment
Inflation
GDP
What measurement represents the standard of living?
Name one thing that shifts the supply curve
number of sellers
productivity
seller expectations
input prices
(any of these)
What does GDP stand for?
Gross Domestic Product
Did the Rams win yesterday?
no
When is the next Problem Set due?
October 12th
Which component of the GDP makes up most of the US’s GDP?
Consumption
Name 2 things that shift the demand curve
prices of related goods
income
number of buyers
buyer expectations
change of tastes (any 2 of these)
What is the definition of comparative advantage?
One country produces the same good as another country at a lower opportunity cost
Give an example of a complement
(Any two goods that are normally bought together)
What room are SI sessions held in?
ELB 207 or just 207
Name the 4 components of GDP.
Consumption
Investments
Government Spending
Net Exports (Imports-Exports)
At equilibrium, quantity demanded and quantity supplied are
Equal
What does 'capital' refer to?
money, property, etc., that is used to start or operate a business
What real life animal was the inspiration for Pikachu?
Illi Pika
When is the next quiz?
October 5th
Macroeconomics is the study of
large-scale economic factors
2+ QUESTION: When there is a price ,
this causes a .
1. ceiling
2. shortage
What does the term 'asset' mean?
Something that can be used to create economic value.
Who was the lead singer of Nirvana?
Kurt Cobain
Define inflation
general increase in prices
Define expenditure
spending
Price decreases, quantity demanded
increases
What is an import?
Goods and services acquired from outside the country.
Who is presenting as a guest speaker at Economics Club this week?
Professor Kaitlyn Woltz