Views on the economist

Views on the economist - FIGURE 1 The Circular-Flow Diagram...

Info icon This preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
THINKING LIKE AN ECONOMIST 1 FIGURE 1: The Circular-Flow Diagram Markets for Factors of Production Households Firms Income Wages, rent, profit Factors of production Labor, land, capital Spending G & S bought G & S sold Revenue Markets for Goods & Services
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
THINKING LIKE AN ECONOMIST 2 FIGURE 1 +: Ningning and Damn Good Noodle Markets for Factors of Production Ningning Damn Good Noodle Income Wages, capital purchase Part-time job, microwave Spending Noodle Noodle Revenue Markets for Goods & Services Labor, microwave
Image of page 2
What do you think? 1. Ningning have a part-time job in the Damn Good Noodle. Today, he got 2- week payroll from the store. 2. Ningning have a excellent microwave for sale. The noodle store bought the microwave from Ningning for 50 dollars. 3. Ningning felt hungry last night, so he ordered a delivery service from the Damn Good Noodle. 3
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Figure The production possibilities frontier 2 4 Quantity of Computers Produced Quantity of Cars Produced 0 300 600 700 1,000 3,000 A B C D E F 1,000 2,200 2,000 Production Possibilities Frontier
Image of page 4
Figure A shift in the production possibilities frontier 3 5 Quantity of Computers Produced Quantity of Cars Produced 0 600 650 1,000 3,000 A 2,200 2,300 4,000 G
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern