Unit one, lesson one
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This document provides definitions and explanations of key economic concepts. It discusses the study of economics and the differences between microeconomics and macroeconomics. It also defines scarcity, wants versus needs, and the basic factors of production - land, labor, capital, and entrepreneurship. Intermediate goods are introduced as goods used in the production of other goods that cannot be reused.
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- What supply and quantity supplied are, and how they relate to price
- The law of supply, which states that quantity supplied increases with price and decreases with price decreases
- Determinants of supply such as changes in costs, technology, profits elsewhere, number of sellers, price expectations, and government actions that can cause the supply curve to shift
- The law of diminishing returns as it relates to adding more variable inputs to fixed inputs in production
Personal finance justin jabowski
Credit allows people to obtain goods and services before paying for them by promising to pay later. Revolving credit, like credit cards, provides a credit limit that is renewed as debts are paid down through partial payments over time. While unwise credit use can reduce future purchasing power and savings due to interest, credit can also benefit people by helping them deal with emergencies or purchase valuable assets when used carefully and costs are weighed against benefits.
Money creation
The document discusses how banks can create money through the process of making loans. When a bank receives a deposit, it is required to keep a certain percentage, like 20%, as reserves, but can lend out the rest. When those loans are deposited in other banks, they become part of the money supply. This process of successive lending and depositing allows banks to multiply the original deposit. For example, with a 20% reserve requirement, $100,000 in deposits could create $500,000 in the total money supply.
Adam smith
The document discusses how self-interested behavior in market systems can actually contribute to the social good. It argues that competition in markets encourages sellers to produce quality goods in order to make sales and earn profits. It quotes Adam Smith saying that it is not human benevolence but self-interest that motivates economic activity, yet people are led "by an invisible hand" to promote societal ends even though that was not their intention.
Lesson15 whydon'tpeoplesave
The document discusses why people often fail to engage in behaviors that are good for them like saving money, exercising, and eating healthy. While most people understand the benefits of these behaviors, they occur in the future and are uncertain, whereas the costs are immediate. Saving requires giving up consumption now for uncertain benefits later. Goals and incentives like interest can encourage saving behavior by making the costs seem less and benefits more worthwhile. Short, medium, and long-term savings goals can help people save for different time periods.
Gross domestic product
The document discusses key macroeconomic concepts including the three main goals of economic growth, full employment, and price stability. It defines gross domestic product (GDP) as the market value of all final goods and services produced in a country in a year, and explains how GDP is measured through consumption (C), investment (I), government spending (G), and net exports (X-M). Events that affect these components of GDP are provided, along with examples of how GDP is calculated as the sum of C + I + G + (X-M). Inflation and the consumer price index (CPI) are also defined.
Demand general
Demand refers to the amount of a good or service people are willing and able to buy at various prices in a given time period, represented by the demand schedule and curve. Quantity demanded is the amount purchased at a particular price. The law of demand states that price and quantity demanded have an inverse relationship, such that quantity demanded decreases when price increases and increases when price decreases, as shown by movements along the demand curve.
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Unit one, lesson one
- 1. Unit One, Lesson One