Tues factors of production
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This document discusses factors that influence starting a business, including: 1) The three factors of production needed - land, labor, and capital. It defines each factor and gives examples. 2) It explains entrepreneurs take risks by combining these factors of production to start new businesses or come up with new ideas within existing businesses. 3) Most people get jobs instead of starting businesses due to the risks and resources required, like obtaining land, hiring employees, and acquiring startup capital.
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Tues factors of production
1. The document discusses factors of production needed to start a business: land, labor, and capital.
2. It asks the reader to think of how they would start a hypothetical new business by listing what specific items they would need related to land, labor, and capital - for example, needing a truck and tools for a landscaping business.
3. Most people get jobs instead of starting businesses due to the risks and resources required, which include finding land, hiring labor, and acquiring necessary capital/equipment.
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This document discusses the advantages and disadvantages of starting a company during different economic times. It argues that starting during "bad times" or recessions has several benefits: it forces the entrepreneur to be persistent with limited resources, top talent is available as others are laying off staff, and competitors are cutting back on R&D and marketing spending. However, the product and sales pitch must be perfected to succeed. In contrast, starting during "good times" can hide flaws in the business as the strong economy boosts all companies, and the business may struggle when economic conditions change. The document provides examples of successful companies started in recessions and concludes by urging the reader to take action now rather than delaying due to fear.
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1. The document discusses factors of production needed to start a business: land, labor, and capital.
2. It asks the reader to think of how they would start a hypothetical new business by listing what specific items they would need related to land, labor, and capital - for example, needing a truck and tools for a landscaping business.
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This document discusses the concept of price discrimination. It begins by defining price discrimination as selling the same good at different prices to different buyers based on their willingness to pay. It provides examples such as student/senior discounts and differences in airline ticket prices. The document explains that under perfect price discrimination, a monopolist can capture all consumer surplus as profit and eliminate deadweight loss. However, in reality firms can only imperfectly discriminate by dividing customers into groups based on observable traits related to willingness to pay. It concludes by asking questions about whether price discrimination should always be illegal and discussing the "Soup Nazi" character from Seinfeld.
Monopoly types
This document discusses monopolies and public policy related to monopolies. It begins by explaining the key characteristics of a monopoly market, including that a monopoly has total pricing power as the sole seller of a good or service. It then discusses the different types of monopolies such as geographic, government-granted, technological, and natural monopolies. The document goes on to explain how a profit-maximizing monopoly determines its optimal quantity and price using demand and marginal cost curves. It notes that a monopoly produces a lower quantity and charges a higher price than would be produced under perfect competition, resulting in deadweight loss. Finally, it discusses various public policy options for dealing with monopolies, such as antitrust laws to increase competition, regulation
Thurs banking
This document contains instructions for a homework assignment about the Medici family during the Renaissance. Students are asked to answer 7 questions: 1) identifying if a source is primary or secondary, 2) discussing how the Medici family business helped Europeans, 3) considering why the Medici patronized artists, 4) listing 3 Medici contributions people enjoy today, 5) analyzing the Medici view on education, 6) evaluating the impact of powerful families, and 7) creating a timeline of 5 Medici family events. The document repeats the assignment questions multiple times.
Block renaissanceart
This document provides an overview of Renaissance art and key concepts about the Renaissance period from the 1300s to 1550. It discusses causes of the Renaissance like the rediscovery of Greek/Roman ideas and art. Renaissance art is characterized by elements like perspective, realism, contrast between light and dark, and depicting humanism in Greek/Roman styles. The document lists and shows images of famous Renaissance artists like Michelangelo, Donatello, Da Vinci, and Raphael and some of their iconic works. Students are assigned a task analyzing Renaissance paintings or creating original art in the Renaissance style.
Mon printing press
The document discusses the impact of the printing press invention by Johannes Gutenberg in the 1400s-1600s. It notes that before the printing press, all books were handwritten which was a long and difficult process. The printing press allowed books and new ideas to spread widely across Europe, helping to end ignorance. This was a factor in the Renaissance period, a time of "rebirth" in European culture and society. The document suggests Gutenberg is one of the most important people to ever live due to his role in popularizing printing.
Shut down point and profit
The document contains examples and explanations of microeconomic concepts related to firm behavior including:
1. How a competitive firm determines its profit-maximizing quantity where marginal revenue equals marginal cost.
2. How the marginal cost curve determines the firm's supply decision - if price is above marginal cost, the firm will increase output.
3. The difference between a firm's short-run decision to shutdown if price is below average variable cost, versus its long-run decision to exit the market if price is below average total cost.
Black plague wed thur
The document discusses the deadliness of diseases over time. It mentions that the Black Plague killed 30-50% of Europe's population in the 1300s. Students are asked to compare graphs showing which diseases are not as deadly today and which two diseases remain deadly. The document also discusses a modern plague outbreak in Madagascar in 2013 and brainstorms ways the US and Madagascar governments could help prevent future outbreaks. Students are assigned to create a 4-page health pamphlet for people in the 1300s about the symptoms, prevention, and societal impacts of the Bubonic Plague.
04 black plague wed thur
The document discusses several deadly pandemics throughout history, including the Black Death plague which originated in China and spread along the Silk Road to Europe in the 14th century, killing an estimated 30-50% of the European population. Students are assigned to write a letter from a Silk Road trader during this time period describing how life has changed in Rome due to the plague, symptoms of the disease, and how to prevent its spread. Other assignments involve analyzing the impact of a modern disease outbreak and creating an educational pamphlet about the bubonic plague.
03 intolerance today
The document provides instructions for students to complete assignments on discrimination and religious intolerance. Students are asked to describe a time they witnessed discrimination and how they responded, and how they will respond in the future. They are also assigned a group poster project analyzing cases of extreme religious intolerance by indicating the location, groups involved, and events, and conveying a message about the effects of such behavior.
02 intolerance inquisition
The document discusses the religious protections guaranteed by the First Amendment and how countries may change if they adopted different state religions. It provides background on countries with official state religions, the concept of a theocracy where government is run by religious rules, and details about the Spanish Inquisition where the Catholic church ruled Spain and persecuted those who did not conform to Catholic doctrine.
01 end of crusades
Constantinople was important during the Crusades as it was the capital of the Byzantine Empire and controlled the trade routes between Europe and Asia. Spain was under Muslim control during the Crusades. The document provides notes about Crusades events like the Siege of Jerusalem in 1099 and Battle of Nicopolis in 1396, and asks questions about Crusader advantages and Ibn Fadlan's travels.
Perfect comp m t
This document discusses competition in markets through a series of examples and questions. It begins with an experiment involving different levels of competition and asks students to consider how it affects pricing power. It then discusses the benefits and drawbacks of competition for consumers and producers. Various market structures are introduced, including perfect competition as exemplified by markets like gasoline, salt, and paper clips. Firms in perfect competition are price takers, and the document explores how they can increase revenue and profit given these constraints.
Sports assignment
The Tohono O'odham tribe wants to build a soccer stadium next to their casino. This would create both positive and negative externalities for the local community and governments. Negative externalities could include increased traffic and noise, while positive externalities could include more jobs and tax revenue. Finding ways to minimize the harm to neighbors, such as addressing traffic issues, would help gain city support for financing the stadium project. Understanding the elasticity of demand for tickets, concessions, and merchandise through price changes would help the tribe maximize revenue.
Cost curves computer lab
This document provides instructions for creating graphs using an online graphing tool to illustrate various microeconomics concepts related to supply and demand, costs of production, and market equilibrium. Students are asked to create graphs showing: a unit elastic supply/demand curve with price controls; a market with negative externalities; the effect of a per unit tax; short-run cost curves and break-even analysis; and supply/demand shifts in response to current events. The final questions provide an additional economics game and a request for new classroom tools.
04 economies of scale
This document discusses short-run and long-run costs of production. It contains the following key points:
1. In the short-run, some inputs like factories are fixed, while in the long-run all inputs are variable as firms can build or sell factories.
2. A firm's long-run average total cost curve shows the lowest average cost for each quantity based on the most efficient factory size. It is determined by connecting the minimum points of different factory sizes' short-run average total cost curves.
3. Economies of scale cause average total cost to fall as production increases due to factors like specialization. Diseconomies of scale cause costs to rise due to coordination problems in
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Tues factors of production
- 1. Bellringer 1. Write a business idea you think might make you wealthy. 2. What specifically would you need to start this business? (for example, to start a Landscaping company would need a truck, shovel, and some rocks) 3. Think of two reasons most people just end up getting a job, instead of starting a new business?
- 2. Label Cornell notes • Factors of production • “How would I start or expand a business” Questions or Comments ????? ????? ?????
- 3. The secret to making money Profit Motive • Buy low and sell higher • People want profits • Consumer Sovereignty • Adam Smith “invisible hand” • Voluntary trade increases wealth
- 4. “Free Market” Economic System • Laissez Faire – French for “leave alone” • Guided by “invisible hand” • Stossel clip
- 5. What keeps our economy moving? Circular flow
- 6. New Ideas! Real job creation • Entrepreneur – French word • Person who takes a risk to start a new business – OR comes up with a new idea within a business Empresario
- 7. Factors of Production • Items we need to be in business • 3 categories
- 8. Land • Any natural resource – Rosemont mine example
- 9. Labor • People working • Wages $ • Benefits
- 10. Sub note to Labor Human Capital • Skills, experience, education a person has • It’s the reason doctors are paid more than sandwich artists
- 11. Capital • Goods used to create other goods/services • Usually the largest cost for entrepreneurs • Explanation for “Capitalism”
- 12. New Ideas! Real job creation • Entrepreneur – French word • Person who takes a risk combines land, labor and capital to start a new business – OR comes up with a new idea within a business Empresario
- 13. Let’s build a new Circle K! 1 Land 2 Labor 3 Capital
- 14. Group summary • Write 3 “how” or “why” questions • How does an entrepreneur start a business?