Introduction to Economics (10s)

TR - TC

Ummm....

Things that are required for survival...

The road?

The idea that the baker, butcher, and brewer won't be able to charge high prices....

Hmmm....

What is capital paid?

What is in the carton?

Hmmm....

Opportunity cost is defined as...

Which market is represented by the top of this circular flow model?

What is Sully carrying

Hmmm....

Which market is represented by the bottom of this circular flow model?

Hmmm....

What does this represent?

Tangible things that can be bought and resold...

What does this represent?

Hmmm....

Hmmm....

What is the opportunity cost of going from B to C?

What is "A"?

Hmmm.... (the middle one)

Hmmmmm......

Hmmm....

The factors of production include

In the circular model...

The social science that studies the problem of scarcity.

W > R

Hmmmm.....

What is "F"?

What is land paid?

Hmmm.....

Hmmm....

Which two markets are represented in a circular flow model?

What are the three economic questions?

What does this represent?

Someone who exercises initiative by organizing a venture to take benefit of an opportunity.

What is "F"?

Hmmm....

Stuff that we would like to have....

Is this clip helpful? Don't answer right away :)

Was this clip helpful? Don't answer right away :)

What is labor paid?

Intangible things that producers do for consumers

Hmmm.....

Hmmmm......

Hmmm....

Slices of pizza -- total utility after 1st slice - 25, 2nd slice - 45, 3rd slice - 60, 4th slice - 70

Hmmm....

Hmmmm.....

Hmmmm.....

How many things can your opportunity cost be?

Hmmm....

The idea that the baker, butcher, and brewer will supply enough food based on profit...