ECON CH 18/29/2012
Economics is run by trade offs
o costs vs. value
o buy a cup of coffee, cant buy sandwich, COST is the sandwich
what you have to give up
more value on a cell phone vs. the value for a textbook
Omg what are you talking about?
Not covering circular flow diagram
o Most basic tool used in econ
o How to max output with min input
Yes or no
Do it or dont
o Decision passes
o Decision fails
Law of Demand
As the prices fall, people buy more of the product
There is an inverse relationship between price and how much of a product one would buy
Demand depends on:
Only variable that changes along the demand curve
1. What is the first creative moment you remember?
When I was five years old I would set up my stuffed animals and put on a
show by singing songs and preforming as if they were my audience.
2. Was anyone there to witness or appr