Chapter 3 Supply & Demand
Questions for Discussion
1. In our story of Tom, the student confronted with a web design assignment, we emphasized the
great urgency of his desire for web tutoring. Many people would say that Tom had an a
Macro- Questions for discussion Chapter 3
In our story of Tom: what shape would his demand curve have? Why isnt this realistic?
ON page 55 it shows his personal curve sloping down to the right. The less money required to pay the
tutor for the number of
Chapter 4 The Role of Government
1. Optimal mix of output-The most desirable combination of output attainable with existing
resources, technology, and social values. (4,12)
2. Market Mechanism The use of market prices and sales to signal desir
The Economic Challenge
Chapter 1: The Core Issue
Homework Assignment: August 23, 2016
Carolyn Ramirez 100654954
Who was Karl Marx.
Who Was Adam Smith.
Who Was John Maynard Keynes.
Karl Marx was a German Jew born in 1818 in Trier, Prussia. His fa
CHAPTER ONE MACROECONOMICS
1. Scarcity lack of enough resources to satisfy all desired uses of those resources,
2. Factors of production Resource inputs used to produce goods and services, e.ag. land,
labor, capital, entrep
Macroeconomics 105-400 Chapter 3 Supply & Demand Terminology
Carolyn Ramirez 8/31/2016
1. Factor market: any place where factors of production (e.g., land, labor,
capital) are bought and sold.
2. Product market: any place where finished goods and services
Chapter 1 Economics The Core Issue
End of chapter discussion page 21
1. What opportunity costs did you incur in reading this chapter?
What to produce with our limited resource(s).
How to produce the goods and services we select.
For Whom goods and service
CHAPTER 2 -TERMINOLOGY
1. GDP (Gross Domestic Product): The total market value of all final good and
services produced within a nations borders in a given time period.
2. Per capita GDP: Total GDP divided by total population. Averag