Xc0n : Microeconomics Yup

When you get in a car, you put on your seatbelt; this action will not reduce the risk of an accident, but it can reduce the negative impact of one. When thinking about reducing the risk, the actions could be as simple as making a tweak to a process flow or as complex as introducing a new software to...Many of the social problems in society are connected in subtle ways, but all social problems are connected to the leadership of countries, corporations, and other groups. An ongoing Gallup poll asks Americans to rate the most important problems and social issues facing the country.Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. • Efficiency v. Equity • Efficiency means society gets the most that it can from its scarce resources. • Equity means the benefits of those resources are distributed fairly...The company's Human Resources department will then select the most suitable applications and Most retailers sell from shops or stores which are called outlets. Many countries have large retail It can issue shares (US stocks), or units of its capital, to institutional investors or the general public.Scarcity is one of the fundamental issues in economics. Definition and a look at examples of scarcity and explaining how it affects prices, demand and future If there is a surge in demand for a popular Christmas present, it can cause temporary shortages as demand as greater than supply and it takes...

Common Examples of Social Issues

When society gets the most it can from its scarce resources, then the outcome is called A. efficacious. The classic tradeoff between "guns and butter" states that when a society spends more on national defense, it has less to spend on consumer goods to raise the standard of living. a. TRUE b...Racism can be most simply understood as someone behaving differently to another person based on the colour of their skin or culture. The negative outcome is that it can set up differences between other groups and, over time, might lead to you to thinking that your group is better than others.Scarcity is one of the most important aspects of business and economics. It has the potential to affect how businesses utilize resources Also known as paucity, it is opposed to the theoretically infinite demand for resources that we have as a society. In economics, scarcity refers to the gap between...To achieve a better outcome, the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must...

Principles Of Economics,: Powerpoint® Lecture Presentation

When I am listening to the teachers during the lessons, it seems to me I understand everything that they are saying, and it's really a piece of cake. It can be a project or a presentation.Our topic is society, or how do we study about society so first of all I want to say as we all know that the society is a group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory, typically subject to the same political authority and...More production of a good implies more resources required for the production of that good, and resources are scarce. These two facts together mean that, if a society decides to increase the production of some good, it has to withdraw some resources from the production of other goods.When a society cannot produce all the goods and services people wish to have it is said that the economy is experiencing a. scarcity. b. communism. c. externalities. d. market ANSWER: d. society is getting the most it can from its scarce resources. Type: M section: 1 difficulty: 2 34.From its foundation3, it has pursued4 these key aims 6 beating, getting rid of. 7 inability to read or write. 8 discussions in an attempt to reach an 11 groups of people who differ racially or in some other way from most of the people in the place The aim of a political movement might be the liberation of a minority, perhaps, or the integration of one particular social group into the society from which it is, or...

Presentation on theme: "Introduction to Economics CLASS 1. Scarcity Economics is the study of how society manages its scarce resources. "Scarcity – since there are limited resources."— Presentation transcript:

1 Introduction to Economics CLASS 1

2 Scarcity Economics is the study of ways society manages its scarce resources. "Scarcity – since there are restricted resources all of societies needs cannot be produced" ◦Even Rich Countries have shortage issues. Time is the scarcity, and it's the commodity we can't create to any extent further of. Jim Mitchell

3 Factors that modified the world we live in Democracy The Limited Liability Company Patent Rights Literacy and Education. Education is the most powerful weapon which you can use to change the international. Nelson Mandela

4 The components of manufacturing Land – Natural resources Labor – the psychological and bodily abilities of people in society Capital – tools which are utilized in production. Economics answers the following 3 questions ◦What to supply? ◦How to produce? ◦For whom to supply?

5 Macroeconomics vs Microeconomics Microeconomics is a branch that research how individuals, families and firms make decisions to allocate scarce resources. Macroeconomics is a branch of economics that handle the efficiency, structure, and behaviour of national and regional economies as a whole. Economics is very helpful as a type of employment for economists. John Kenneth Galbraith

6 Ceteris paribus Is Latin for "all different things held consistent" In positive fashions, economists make assumptions to do away with unnecessary details to scale back the complexity of behaviour.

7 Positive vs normative economics Positive economics ◦Descriptive statements, claims how the world is. (Scientists) Normative economics ◦Prescriptive statements claims how the international must be. (Policy Advisors)

8 Forces at play in the actual world. Economic – Supply and Demand Social – Religion and Culture Political – Governments.

9 10 principals of economics Principal 1 – People Face Trade Offs Efficiency – Getting the maximum advantage of scarce resources Equality – Benefits are distributed similarly among the inhabitants. A circle of relatives is a risky mission, because the greater the love, the larger the loss... That's the trade-off. But I'll take it all. Brad Pitt

10 2: the price of something is what you gave up to get it. Opportunity Cost – The subsequent absolute best alternative that is given up when you select one thing. In economics, certainly one of the most important concepts is 'alternative value' - the concept that if you spend your money on something, you can't spend it again on one thing else. Malcolm Turnbull

11 3: Rational people assume on the margin. Rational folks – people who systematically and purposefully do the best possible they can do to achieve their goals. Marginal adjustments – small incremental adjustments to a plan of action. Marginal Benefit > Marginal Cost = determination might be made.

Marginal Cost = decision will be made..">

12 4: People reply to incentives. Incentive – something that induces folks to act. Unintended penalties. Call it what you will, incentives are what get folks to work harder. Nikita Khrushchev

13 5: Trade can make everyone higher Country X produces 10 apples and has 0 Country Y produces 10 oranges and has 0 Both apples and oranges value each and every Country X needs Three oranges Country Y needs 7 apples. Everyone advantages with trade.

14 6: Markets are normally a just right way to organize economic task. Market financial system ◦Competitive market Command economic system ◦Soviet taste economics ◦Government makes a decision what/how/to whom

15 7: Governments can every so often beef up market outcomes. Market failure – a state of affairs in which a market left to its personal fails to allocate resources successfully. Government's first accountability is to protect the folks, no longer run their lives. Ronald Reagan

16 8: a nation's standard of living depends on its skill to produce items and products and services. Productivity: the quantity of goods and services and products produced by every output of work. The most effective technique to building up the way of life is thru expanding productiveness. The productivity of work isn't the duty of the worker however of the manager. Peter Drucker On my table I've 3 monitors, synchronized to shape a single desktop. I can drag pieces from one display screen to the next. Once you've gotten that giant show area, you'll never return, because it has a direct have an effect on on productivity. Bill Gates

17 9: Prices upward thrust when the govt prints too much money. Inflation: An building up in the overall levels of prices in the financial system. Inflation is when you pay fifteen greenbacks for the ten-dollar haircut you used to get for 5 greenbacks when you had hair. Sam Ewing

18 10: society faces a short run commerce off between unemployment and inflation. Inflation occurs when the executive prints cash. When cash is created there is a need to spend it which thereby increase demand. Higher call for means that firms can fee more, and in the short run encourages companies to raised more workers. More hiring = lower unemployment.

19 Thank you See you subsequent week!