LECTURE 20 ON THE ORIGIN OF MONEY (CONTINUED)
Beyond Coins Although the introduction of uniform money via the minting of coins was efficient compared with using cattle for money, which itself was efficient compared with barter, the use of coins intr
An opportunity cost is the next highest valued, next best alternative that must
be sacrificed in order to obtain something or to satisfy a want. (Miller, R. L. 2012).
An opportunity cost is essentially something that is lost when a decision is made. An
Price elasticity demand provides us a relative amount to how the quantity
demanded will respond to changes in price. This relationship is called demand
elasticity and it given as a percentage. The greater the change is when the price
changes the more elas
Market- all of the arrangement that individuals hae for exchanging with
Labor market, automobile market and the credit market.
Demand-a schedule showing how much of a good or service people will
purchase at any price during a spec
1) What is a monopolist, and what is required in order for a monopolist to earn
profits in the long run? How is government involved with the creation of
barriers to entry?
A monopolist is a firm that is the only provider of a good or service that
What is a price taker? Discuss the assumptions that are made in order to obtain the
perfectly competitive model.
A price taker is a perfectly competitive firm that cannot set its own prices
because it cannot influence the market. Therefore a price taker m
The Nature of Economics
Three basic Economic Questions:
1.what and how much will be produced
2.How will items be produced
3.For whom will items be produced
Answering the Three Basic Economic Questions.
1.Centralized command and control(central
Scarcity, choice and opportunity cost are related as they are all used when
making decisions. For instance lets say you are looking for a new car. You are
looking at a BMW and a Mercedes. You really want them both but you can only afford
one of them. To m
LET'S TAKE A CLOSE LOOK A TROUBLED INSTITUTION A NATION AT RISK
THE SOCIAL INSTITUTION GUIDING A SOCIETY'S TRANSMISSION OF KNOWLEDGE, INCLUDING BASIC FACTS, JOB SKILLS, AND CULTURAL NORMS AND VALUES, TO ITS MEMBERS
LECTURE 19 ON THE ORIGIN OF MONEY Throughout history, money has been a lot of different things other than M1. To really understand money, we have to go back to the time before money existed, and learn how it came to be. Trust me; this is the only way
Outsourcing is when a firm hires employees outside of its
country. This usually happens because the labor sought in the foreign
country is much cheaper than the home countries labor prices.
Outsourcing has affects on wages, employment and the economy as a