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Economics

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Minimum Wage

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Labor economics
Employment compensation
Economics
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Minimum wage
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Minimum wage
Labor economics
Employment compensation
economics
macroeconomics
Socioeconomics
Human resource management
unemployment
Employment Policies Institute
Employment
Economic inequality
Living wage
Labor
Politics

Minimum Wage Nathan Yu ENGLISH LANGUAGE AND COMPOSITION SECTION II Question 1 (Suggested time?40 minutes. This question counts for one-third of the total essay section score.) Minimum Wage has been a highly controversial topic for many years. Supporters argue that it is necessary in that minimum wage provides more to workers, allowing them to live better lives. Others argue that minimum wage may provide temporary benefits, it only causes harm to the economy as it causes inflation and unemployment.

Economics Notes

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economics
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Microeconomics
Welfare economics
Supply and demand
Marginalism
Production–possibility frontier
Marginal utility
demand
Externality
Business

Crowding Out - is what happens when a mega sports event attracts fanatics but drive agnostics away Substitution - when consumers shift their spending, instead of increasing their overall consumption Leakage - the tendency for money to circulate out of rather than through a local economy Economics - Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants (study of how individuals and societies deal with scarcity) What is economics? -science of scarcity (the condition in which our wants are greater than our limited resources) -since we are unable to have everything we desire, we must make choices on how we use our resources -in economics we will study the choices of individuals, firms and governments

John Maynard Keynes

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Tuesday, December 11, 2012 John Maynard Keynes from (http://www.investopedia.com/articles/economics/09/john-maynard-keynes-keynesian.asp#axzz2EmRQY6hg) second wealthiest economist in history believed free market capitalism was unstable ideas were summed up in the book he wrote that came out in 1936, where he explained his ?General Theory? gave governments a central role in economics Keynes made government see that they could become the main driver in the economy Was against classical economic virtues Keynes believed that private investment, balanced government budgets and low taxes were more significant than saving, private investment, balanced government budgets and low taxes

2005B microeconomics frq

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AP? Microeconomics 2005 Free-Response Questions Form B The College Board: Connecting Students to College Success The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 4,700 schools, colleges, universities, and other educational organizations. Each year, the College Board serves over three and a half million students and their parents, 23,000 high schools, and 3,500 colleges through major programs and services in college admissions, guidance, assessment, financial aid,

2005 microeconomics frq

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AP? Microeconomics 2005 Free-Response Questions The College Board: Connecting Students to College Success The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 4,700 schools, colleges, universities, and other educational organizations. Each year, the College Board serves over three and a half million students and their parents, 23,000 high schools, and 3,500 colleges through major programs and services in college admissions, guidance, assessment, financial aid,

micro economics practice test

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AP Microeconomics Multiple Choice: Choose the best answer to each question.? Each question is worth an equal amount. Answer questions 1-8 using the figure below. ????????????????????????????????????????????????????????????????????????????????????????? ? ? 1. In the figure shown, consumer surplus with free trade would be a. A. b. A + B. c. A + C + G. d. A + B + C + D + E + F. ? 2. In the figure shown, consumer surplus after the tariff would be a. A. b. A + B. c. A + C + G. d. A + B + C + D +E + F. ? 3. In the figure shown, the domestic price and quantity demanded after the tariff would be a. P1, Q1. b. P1, Q4. c. P2, Q2. d. P2, Q3. ? 4. In the figure shown, the free-trade price and quantity demanded would be a. P1, Q1. b. P1, Q4. c. P2, Q2. d. P2, Q3.

microeconomics practice test

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Total revenue
Price
Supply
Elasticity

AP Microeconomics Multiple Choice: Choose the item that best answers each question.? Each question is worth an equal amount.? You have 90 minutes to complete this test.? ??????? 1.??? In which of the following instances will total revenue decline? ?????????????? A)?? price rises and supply is elastic ?????????????? B)?? price falls and demand is elastic ?????????????? C)?? price rises and demand is inelastic ?????????????? D)?? price rises and demand is elastic ??????? 2.??? The diamond-water paradox occurs because: ?????????????? A)?? the price of a product is related to its total utility, not its marginal utility. ?????????????? B)?? the price of a product is related to its marginal utility, not its total utility.

AP Econ Chapter 2 outline

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2: Thinking Like an Economist Intro economics can be thought of as a science scientific method: ? the dispassionate development and testing of theories about how the world works: The Economist as Scientist The Scientific Method: Observation, Theory, and More Observation economist can observe whats going on around him, then make theories based on that will collect data from all over to test his theory harder for economists to make experiments, have to just use whats given to them rely strongly on examples in history The Role of Assumptions assumptions can simplify complex ideas and make them easier to understand or give you a better idea of the complex idea different assumptions for different situations short term =prices stay the same long term= prices are flexible

AP Econ Chapter 3 outline

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Economics
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Gains from trade

3:Interdependence and the Gains From Trade Intro we rely on other people for goods and services we buy interdependence is possible bc of trade A Parable for the Modern Economy trade allows a greater variety benefit $$$ by specializing in what your best at Production Possibilities spend all your time on one item, can produce lots of that item and none of the other and vice versa, or can split time between the two rancher & farmer have to make a decision, tradeoff between time on meat and time on potatoes self sufficiency means consuming only what you can produce Specialization and Trade rancher and farmer: specializing in what they?re good at allows them to make the most of that item as possible.

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