What is Economics?
A student has $40 and must choose between buying a new game or going out to dinner. This economic problem forces the student to make a choice.
Scarcity
Economists use these simplified representations of real-world situations to help explain and predict economic behavior.
Economic Models
A pair of shoes drops from $150 to $90, causing more consumers to purchase them. This principle explains the change in consumer behavior.
Law of Demand
This term describes the quantity of a good or service that producers are willing and able to supply at different prices.
Supply
What do I coach?
Varsity Women's Basketball
You choose to work a Saturday shift instead of attending a football game. The football game represents this economic concept.
Opportunity Cost
Timber used to build furniture, oil used to produce gasoline, and water used by a factory all belong to this factor of production.
Land
This economic concept describes the worth a consumer places on a good or service based on the benefits or satisfaction they expect to receive.
Value
When the market price of a product rises, producers generally offer more of it for sale. This economic principle explains the relationship.
Law of Supply
What other subjects have I taught?
7th Grade S.S.
8th Grade S.S
Pre-Ap World History
A restaurant uses farmland-grown ingredients, cooks, kitchen equipment, and an owner willing to take financial risks. Together, these are known as this.
Factors of Production
A construction company purchases two excavators and a crane to increase how much it can build. The new equipment represents this factor of production.
Capitial
After receiving a significant pay raise, a consumer begins purchasing more restaurant meals and name-brand clothing even though the prices of these goods have not changed. This factor has caused their demand to increase.
Change in Income
A new machine allows a factory to produce twice as many products at a lower cost, causing producers to offer more at every price level. This represents this type of change.
Increase in SupplyI
How many years have I been coaching?
12 Years
A company has enough money to produce either 1,000 laptops or 2,500 tablets but cannot produce the maximum amount of both. This situation demonstrates the economic concepts of scarcity and this unavoidable result of making choices.
Trade offs
In his critique of socialism, this economist argued that without private ownership and market prices, planners cannot effectively allocate scarce resources.
Ludwig Von Mises
Thousands of people want a $90,000 luxury car, but only a small number can afford it. In economics, only those willing and able to buy contribute to this. This is the economic term called
Demand
At a price of $40, consumers want to purchase exactly 500 units, and producers want to sell exactly 500 units. Economists call this $ 40. This economic term is called.
Equilibrium Price
What school did Mr. Patterson work at before Lee Christian?
Southern Wake Academy
A business owner combines workers, natural resources, and equipment to open a new restaurant while accepting the possibility that the business could fail. This factor of production is being demonstrated.
Entrepreneurship
A farmer owns 200 acres, employs 15 workers, purchases a $300,000 harvesting machine, and decides to risk expanding into a new crop. Identify the four factors of production represented in this scenario
Land (acreage), labor (workers), capital (harvesting machine), and entrepreneurship (farmer taking the risk)?
The price of Nike shoes remains the same, but after a popular athlete begins wearing them, consumers want to purchase more pairs at every price level. This represents this economic change
Increase in Demand
The cost of producing chicken increases sharply, but restaurants cannot raise menu prices without losing customers. As a result, restaurants offer less chicken for sale at every price level. This represents this type of market change.
Decreae in Supply
What is my daughter's name?
Londyn