This 3 sentence summary provides the high level information from the document:
The document is a 95 line poem by Stephanie Camello that was created for an economics class, which defines and explains key economic terms and theories such as opportunity cost, GDP, unemployment, Keynesian and Austrian economic theories, and factors of production. The poem uses rhyme and examples to make complex economic concepts more accessible and understandable for the reader.
It is a stream of social sciences and commerce.
It is a study of production, consumption, distribution and regulation of flow of goods and services in an economy.
It has a direct relation with money.
It studies the economic aspect of goods and services provided in the economy.
It is a wider concept and hence affects the overall conditions of the economy.
It has two major segments: micro and macro. It is derived from Greek word ‘Mikros’.
It creates efficiency and smoothens up the process of final consumption of goods and services.
It tries to understand the problems that occur while producing, distributing and consuming a product.
It deepens our understanding.
Consumption is a broader term and it is the essence of economics. Economists generally consider consumption to be the final purpose of economic activity, hence consumption per person is a central measure of an economy’s productive success.
Consumption in economics means utilization of a product or a commodity and to derive benefits from the same. The utility of a product will help us in satisfying our needs and hence it is consumption.
Consumption can be defined in different ways, but is usually best described as the final purchase of goods and services by individuals. The purchase of a new pair of shoes, a burger at the fast food restaurant, or the service of getting your house cleaned are all examples of consumption.
It is a state of maximum satisfaction from a consumption.
A producer will obtain the stage of equilibrium when he will get maximum profit from his production.
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case refers to a condition where a market price is established through competition.
This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes and the quantity is called "competitive quantity" or market clearing quantity.
It is a stream of social sciences and commerce.
It is a study of production, consumption, distribution and regulation of flow of goods and services in an economy.
It has a direct relation with money.
It studies the economic aspect of goods and services provided in the economy.
It is a wider concept and hence affects the overall conditions of the economy.
It has two major segments: micro and macro. It is derived from Greek word ‘Mikros’.
It creates efficiency and smoothens up the process of final consumption of goods and services.
It tries to understand the problems that occur while producing, distributing and consuming a product.
It deepens our understanding.
Consumption is a broader term and it is the essence of economics. Economists generally consider consumption to be the final purpose of economic activity, hence consumption per person is a central measure of an economy’s productive success.
Consumption in economics means utilization of a product or a commodity and to derive benefits from the same. The utility of a product will help us in satisfying our needs and hence it is consumption.
Consumption can be defined in different ways, but is usually best described as the final purchase of goods and services by individuals. The purchase of a new pair of shoes, a burger at the fast food restaurant, or the service of getting your house cleaned are all examples of consumption.
It is a state of maximum satisfaction from a consumption.
A producer will obtain the stage of equilibrium when he will get maximum profit from his production.
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case refers to a condition where a market price is established through competition.
This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes and the quantity is called "competitive quantity" or market clearing quantity.
Wealth planning is very important of long term wealth creation. Proper planning plays very important role in developing and creating the wealth. Retirement is very important for every individual.
Wealth planning is the art of structuring your wealth while building it, preserving it, and in order to transfer it to the next generation tax-optimised. Wealth planning is a mix of tax planning, wealth protection, estate planning and business succession planning and relates to your total worldwide wealth.
Liquidity planning. Liquidity planning is an important component in an effective wealth management and succession planning strategy. We will help you in tailoring solutions that can provide liquidity in the future to enable you to protect and preserve your wealth across generations.
Consumption function and investment function chapter 2Nayan Vaghela
Consumption function and investment function chapter 2 SYBcom, Investment Function, Marginal efficiency of capital, marginal propensity to consume, Psychological law of consumption
Assignment of Macroeconomic Consumption Function
Consumption Function: Average Propensity to Consume and Marginal Propensity to Consume
Graphical Measurement of APC and MPC:
Class- XI Financial Accounting
Chapter- 1 Introduction To Accounting
Includes detailed explanation as well as mind maps for quick revision and a glance. #financialaccounting #class11 #ppt #class11chapter1 #accounts #commerce #class11accountschapter1 #quick revision #smritisharma #introductiontoaccounting #detailedexplanantion
Equilibrium of firm and Industry under Perfect CompetitionBikash Kumar
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Sultan Mahmud
Md. Shaon Mollah
Md. Mamun Miah
Md. Abid Hasan
Shimul Kumar Mondal
Wealth planning is very important of long term wealth creation. Proper planning plays very important role in developing and creating the wealth. Retirement is very important for every individual.
Wealth planning is the art of structuring your wealth while building it, preserving it, and in order to transfer it to the next generation tax-optimised. Wealth planning is a mix of tax planning, wealth protection, estate planning and business succession planning and relates to your total worldwide wealth.
Liquidity planning. Liquidity planning is an important component in an effective wealth management and succession planning strategy. We will help you in tailoring solutions that can provide liquidity in the future to enable you to protect and preserve your wealth across generations.
Consumption function and investment function chapter 2Nayan Vaghela
Consumption function and investment function chapter 2 SYBcom, Investment Function, Marginal efficiency of capital, marginal propensity to consume, Psychological law of consumption
Assignment of Macroeconomic Consumption Function
Consumption Function: Average Propensity to Consume and Marginal Propensity to Consume
Graphical Measurement of APC and MPC:
Class- XI Financial Accounting
Chapter- 1 Introduction To Accounting
Includes detailed explanation as well as mind maps for quick revision and a glance. #financialaccounting #class11 #ppt #class11chapter1 #accounts #commerce #class11accountschapter1 #quick revision #smritisharma #introductiontoaccounting #detailedexplanantion
Equilibrium of firm and Industry under Perfect CompetitionBikash Kumar
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Sultan Mahmud
Md. Shaon Mollah
Md. Mamun Miah
Md. Abid Hasan
Shimul Kumar Mondal
2. The World of Economics, A Poem
Economics is more than just dollars
It deals with businessmen, families, and even scholars
But what I never knew were the technical terms
So change the slide to see what I’ve learned.
3. Economics is the study of how
Limited resources try to satisfy what we want right now.
The factors of production
Serve many functions.
Physical capital provides the tools
To allow workers to build homes and schools.
Human capital is the knowledge that people can get
from a place like college.
4. Entrepreneurs take the risks
To start businesses and hire people to work shifts.
Land is the space you might need,
It includes animals, minerals, even trees.
Labor is last and it includes
The workers and effort to get you through.
5. There are many aspects of economic theory,
So many it can make you weary.
But there is always one thing everyone can relate to,
Opportunity cost- what you give up and what you do.
6. Opportunity cost is when you choose
To do one thing, and with another thing, lose.
You can choose to hang out with one person or another
Like your sister instead of your brother.
Or if you choose to go the movies,
It may be groovy
But when you miss out on doing your project,
When you get your grade, you’ll feel like a reject.
Another example can be when
You have to study and not hang out with a friend.
The opportunity cost is having to study –
The opportunity lost is hanging out with a buddy.
“An opportunity cost, is an
opportunity lost!”
Doing one thing means missing out on something else
7. GDP= Gross
Domestic Product
Now another thing to know about economics
Is a little thing called gross domestic product.
It measures all things that in one year were made
But some things we don’t count, like things we
may trade.
8. GDP counts everything produced
Like cars, clothes, even apple juice.
If a computer was made right here in the States
It counts in our GDP and everything’s great.
But if a car is made off in Italy
It only counts in their GDP.
Some other things GDP does not count
Include stocks, welfare, even an inheritance account.
So now that we know about GDP
Lets talk about the guys who had theories about the economy.
$$$ Inheritance $$$
9. The two main men who had economic theories
Were like rivals regarding their philosophies.
One was Keynes whom many believed,
Which made the other, Hayek, sort of steamed.
John Maynard Keynes Friedrich von Hayek
10. The British man Keynes had a theory that said
The government should step in before the economy is dead.
He also helped trade to flow freely,
Saving the economy from becoming mealy.
On the other side was Austrian man Hayek
Who though his opposition was a little biased.
Hayek’s theory strongly believed
That the economy should be free.
He though the economy would cure itself
And it should be alone, without the government’s help.
Keynes’ theory was popular from the 1930s-70s
And Hayek then was not taken seriously.
But recently, the tide has turned
And now Hayek’s theory is the one we know and learn.
Free economy…or…government
help??
11. A final topic about economic theory
Is one that can be kind of dreary
It’s the types of unemployment,
A topic that is of less enjoyment.
12. There are many kinds of unemployment.
Unemployment has happened in every place you ever went.
One specific kind is called frictional which occurs
When jobless people are currently looking for work.
Another type is called structural
And many times it is not optional
Like if new technology or a machine takes your job
Husking the layer off corn on the cob.
Or if your job is outsourced to some guy
Who’s all the way in Mumbai.
13. Another kind is seasonal, which
Means you’re employed only for a season like
Christmas.
A final type is known as cyclical which occurs
When people spend less and the economy is in a
general downturn.
Now that I know more about economic theory
I no longer feel so weary.
14. Economics is exactly what we need
To keep a country strong and free
Without this knowledge you can’t understand
The simple law of supply and demand.
Economics is the heart
Of everything in a country, so do your part
And understand
That economics makes a country grand.
If you get it, then you’ll know it’s true
That economics affects everything single thing YOU DO!
15. Creative Project
This 95 line poem has been a Stephanie Camello Production
A student production of El Camino College
Brought to you by Powerpoint