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Economics

Chapter 2 Economics Summary

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AP Economics Chapter 2 Review/Summary Economics deals with choices. In this chapter we have examined more carefully the range of choices in production that must be made in any economy. In particular, we looked at choices involving the allocation of an economy?s factors of production: labor, capital, and natural resources. In addition, in any economy, the level of technology plays a key role in determining how productive the factors of production will be. In a market economy, entrepreneurs organize factors of production and act to introduce technological change.

Supply and Demand Lecture Notes

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Supply/Demand Notes (In-Class Lecture) Demand- Demand: The amount of a good/service that consumers are willing and able to buy at a given price and time. Price is a big factor is quantity demand; lower prices means the demand is higher, while higher prices means the demand is lower Example: Polo Shirts at $18.99 = Higher QTY. Demand Polo Shirts at $38.99 = Lower QTY. Demand Lower prices mean more buying^^ Law of Demand: An increase in a good?s price causes a decrease in qty. demanded Elastic Demand: A small change in price which affects qty. demand Example: Fast Food Coupons that are given out via mailing (restaurants experience more qty. demand/customers during this time because of lower prices the coupons offer) *Are all goods considered elastic?

Chapter 6: Markets, Maximizers, & Efficiency Notes

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Economics Chapter 6: Markets, Maximizers, and Efficiency Start Up: A Drive in the Country Suppose you decide to take a drive. For purposes in this example, we?ll assume that you have a car, that the weather is nice, and there?s an area nearby that?ll be perfect for the drive. Your decision to take a drive is a choice. Since economics deal w/ choices, we can put econ. To work in thinking about it. Economists assume that people make choices that maxes utility Utility is the satisfaction you gain from your use of goods/services and from activities you do You plan to enjoy the drive; the enjoyment is the benefit you expect. But, you?ll give up some things as well.

Chapter 5: Elasticity: A Measure of Response Notes

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Economics Chapter 5, Elasticity: A Measure of Response Notes Start Up: Raise Fares? Lower Fares? What?s A Public Transit Manager To Do? Imagine that you?re the manager of a public transportation system for a large area. Costs of operating have soared in the last few years, and you?re under pressure to boost revenue. What do you do? An obvious choice is to raise fares; that?ll make customers angry, but it will generate the extra revenue you need.. Or will it? The law of demand says that raising fares will reduce the number of passengers riding on the system. If the number falls only a little, then the higher fares that your remaining passengers pay might produce the higher revenues you need

macroeconomics spring exam, questions and answers

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Aggregate supply

Name: _________________________________ Days/Times Class Meets: ___________ Today?s Date:__________ 1 Macroeconomics, Spring 2008, Final Exam, several versions Read these Instructions carefully! You must follow them exactly! I) On your Scantron card you must print three things: 1) Print your full name clearly; 2) Print the day and time of your section (for example TTh 7 AM); 3) Print the number I have written in ink on the upper right corner of your copy of this test. (This number tells me which version of the test you have. Without it your test cannot be graded properly and you get no credit for your answers.) II) Answer on your Scantron card, using a #2 pencil. Warning: SOME QUESTIONS MUST BE ANSWERED SEVERAL TIMES!

Brinkley Questions Chapter 10

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Brinkley Chapter 10 Guiding Questions 1. What were the reasons for and the effect of the rapid increase in population between 1820 and 1840? 2. Where did this increased population settle? What population shifts took place between 1820 and 1840? 3. Why was the rise of New York City so phenomenal? 4. What major immigrant groups came to the United States during this period? What impact did they have on the character and distribution of the population in the North? 5. What impact did this immigration have on the political system? Which party was the most successful in attracting immigrant voters? 6. What gave rise to the nativist movement? What were its political goals? 7. Why were natural means of carrying commerce (lakes and rivers) unsatisfactory to most Americans?

AP Human ch 9 notes

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Human Development Index

Chapter IX - Development Why Does Development Vary Among Countries? Development ? Process of improving conditions through the diffusion of technology and knowledge. More Developed Country (MDC) ? Progress further along the development process. Less Developed Country (LDC) ? Earlier stage of development. Human Development Index (HDI) ? A measurement of a country?s level of development, created by the UN, and includes three factors, economic, social, and demographic. Economic Indicators of Development The economic factor is based off of gross domestic product (GDP) per capita. The social factors are based off of literacy rate and amount of education. The demographic factor is life expectancy. The highest HDI possible is 1.0 Since 1990s Highest in Europe and Canda

Introducon to Economics

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Cornell Notes Topic / Objective: Name: Jack Andrew Joa Unit One: Economic Basics Class: Economics 1100 ? 01: Introduction To The American Economy Economic Principles Period: 1st Period Chapter 1 From Demystifying Economics Date: Monday January 9th, 2017 Essential Question: Chapter One ? Introduction To Economics Questions: Notes: Most people do not have a very clear or accurate understanding of what economics is about or how it affects them in their daily lives. Some believe it is a business subject, others think it is about money in general, and still others associate the word economics with personal finance. Actually, economics is about all these things and

World War 2

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Natural rate of unemployment
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ECON Topic/Objective: Section 3 Name: Jack Joa Essential Question: What is Measurement of Economic Performance? Questions: Notes: Module 10 The Circular Flow & Gross Domestic Product The national income and product accounts, (often referred as the national accounts) -A household (consists of either an individual or a group of people who share their income) -A firm(organization that produces goods and services for sale, it also employs members of households) -Product markets are where goods and services are bought and sold. -Factor markets are where resources, especially capital and labor, are bought and sold. -Consumer spending- is household spending on goods and services. -a stock is a share in the ownership of a company held by a shareholder.

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