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REFFONOMICS.COM UNIT 2 Fundamental (basic) CONCEPTS

REFFONOMICS.COM UNIT 2 Fundamental (basic) CONCEPTS | 3marbutivy | Scoop.it
3 Marbut Ivy's insight:

3. 

(a)Production possibility curve is a representation of the amount of two different goods that can be obtained by shifting resources from the production of one to the production of the other.


 

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3 Marbut Ivy's curator insight, August 28, 2014 10:40 AM

1. 

(a) Economics is the study of how individuals and society, experiencing virtually limitless wants, chooses to allocate the scarce resources to satisfy those wants.

(b) When our unlimited wants are after the limited resources there is a cost, it can be emotional, jealousy and social cost. Our unlimited wants COST our limited resources, which is opportunity cost.

(c)Resources are limited, the four are Land, Capital, Labor and entrepreneurship. Labor is scarce because there is a limited amount of people to work, Capital is limited because there isn't allot of machines and equipment or factories. 

3 Marbut Ivy's curator insight, August 28, 2014 10:44 AM

2.

(a)In economics, the circular flow  refers to a simple economic model which describes the reciprocal circulation of income between producers and consumers

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REFFONOMICS.COM UNIT 2 Fundamental (basic) CONCEPTS

REFFONOMICS.COM UNIT 2 Fundamental (basic) CONCEPTS | 3marbutivy | Scoop.it
3 Marbut Ivy's insight:

1. 

(a) Economics is the study of how individuals and society, experiencing virtually limitless wants, chooses to allocate the scarce resources to satisfy those wants.

(b) When our unlimited wants are after the limited resources there is a cost, it can be emotional, jealousy and social cost. Our unlimited wants COST our limited resources, which is opportunity cost.

(c)Resources are limited, the four are Land, Capital, Labor and entrepreneurship. Labor is scarce because there is a limited amount of people to work, Capital is limited because there isn't allot of machines and equipment or factories. 

more...
3 Marbut Ivy's curator insight, August 28, 2014 10:44 AM

2.

(a)In economics, the circular flow  refers to a simple economic model which describes the reciprocal circulation of income between producers and consumers

3 Marbut Ivy's curator insight, August 28, 2014 10:52 AM

3. 

(a)Production possibility curve is a representation of the amount of two different goods that can be obtained by shifting resources from the production of one to the production of the other.


 

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EconMovies 1: Star Wars (Scarcity, Choices, and Exchange) - YouTube

EconMovies explain economic concepts through movies. In this episode, I use Star Wars to introduce the concepts of scarcity, choices, self-interest, incentiv...
3 Marbut Ivy's insight:

I learned that exchange is when buyers and sellers get together and negotiate based on their own self interest, buyers of course want a low price and sellers want a high price. When people are making a choice like in investments and business deals they look at incentives which is what the benefits are for you.

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REFFONOMICS.COM UNIT 2 Fundamental (basic) CONCEPTS

REFFONOMICS.COM UNIT 2 Fundamental (basic) CONCEPTS | 3marbutivy | Scoop.it
3 Marbut Ivy's insight:

2.

(a)In economics, the circular flow  refers to a simple economic model which describes the reciprocal circulation of income between producers and consumers

more...
3 Marbut Ivy's curator insight, August 28, 2014 10:40 AM

1. 

(a) Economics is the study of how individuals and society, experiencing virtually limitless wants, chooses to allocate the scarce resources to satisfy those wants.

(b) When our unlimited wants are after the limited resources there is a cost, it can be emotional, jealousy and social cost. Our unlimited wants COST our limited resources, which is opportunity cost.

(c)Resources are limited, the four are Land, Capital, Labor and entrepreneurship. Labor is scarce because there is a limited amount of people to work, Capital is limited because there isn't allot of machines and equipment or factories. 

3 Marbut Ivy's curator insight, August 28, 2014 10:52 AM

3. 

(a)Production possibility curve is a representation of the amount of two different goods that can be obtained by shifting resources from the production of one to the production of the other.


 

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The Stall (The Economics of Seinfeld)

The Stall (The Economics of Seinfeld) | 3marbutivy | Scoop.it
3 Marbut Ivy's insight:

Elaine s experience in the stall illustrates scarcity because in the video the woman cant spare any tissue because she doesn't know how much she will need so she simply cant spare any, in life people are worried more about their needs and benefits and what they need.

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