Unleash Your Potential - Namagunga Girls Coding Club
econ Ch01
1. The Scope and Method of Economics Appendix: How to Read and Understand Graphs Prepared by: Fernando Quijano and Yvonn Quijano
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12. The Scope of Economics Employment by Individual Businesses & Industries Jobs in the steel industry Number of employees in a firm Distribution of Income and Wealth Wages in the auto industry Minimum wages Executive salaries Poverty Price of Individual Goods and Services Price of medical care Price of gasoline Food prices Apartment rents Production/Output in Individual Industries and Businesses How much steel How many offices How many cars Microeconomics Employment and Unemployment in the Economy Total number of jobs Unemployment rate National Income Total wages and salaries Total corporate profits Aggregate Price Level Consumer prices Producer Prices Rate of Inflation National Production/Output Total Industrial Output Gross Domestic Product Growth of Output Macroeconomics Employment Income Prices Production Examples of microeconomic and macroeconomic concerns
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23. Review Terms and Concepts ceteris paribus descriptive economics economic growth economic theory economics efficiency efficient market empirical economics equity fallacy of composition Industrial Revolution macroeconomics microeconomics model normative economics ockham’s razor opportunity cost positive economics post hoc, ergo propter hoc stability sunk costs variable
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30. Appendix: How to Read and Understand Graphs A downward-sloping line describes a negative relationship between X and Y. An upward-sloping line describes a positive relationship between X and Y.
33. Appendix: How to Read and Understand Graphs Cartesian coordinate system graph negative relationship origin positive relationship slope time series graph X-axis Y-axis Y-intercept
Editor's Notes
Opportunity cost does not have to be measured in dollar terms. The value of an alternative activity is usually measured in both monetary and nonmonetary costs. Opportunity cost is referred to as implicit cost. Accountants count only explicit costs. Economic cost is higher than accounting costs because it includes implicit, or opportunity, cost.
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