which has aroused much interest in the society. Independence in childhood development can significantly contribute to a child’s growth, confidence, and overall well-being. Encouraging children to become independent from an early age ...
I'm glad I realized economics wasn't for me in high school, because in college I had the option to take economics online to fulfill a certain general education requirement. However, based on my experiences in high school, I decided to pick something else!
if I give you 5 apples and you give me 1 liter of apple juice, your productivity is 1 liter per 5 apples. However, if someone else can get 1 liter of apple juice with 4 apples, then that person is more productive. It takes that person fewer apples to create the same amount of app...
Economicsexplainsthesetrends.TwoBigEconomicQuestions How?Goodsandservicesareproducedbyusingproductiveresourcesthateconomistscallfactorsofproduction.Factorsofproductionaregroupedintofourcategories:▪Land▪Labor▪Capital▪Entrepreneurship TwoBigEconomicQuestions The“giftsofnature”thatweusetoproducegoodsandservicesare...
Chapter 1 What is Economics? • Your life will be shaped by challenges that you face and the opportunities that you create Definition of Economics our inability to get everything we want. • since we face scarcity, we must choose and those choices must be somewhat consistent with others'...
Big Ideas of Economics IDEA 1 A choice is a tradeoff — we give up something to get something else — and the highest valued alternative we give up is the opportunity cost of the activity chosen. Big Ideas of Economics IDEA 2 We make choices in small steps, or at the margin, and ...
Production theory defines the relationships between the prices of the raw materials and productive factors on the one hand, and the quantities of these materials and productive factors that are produced on the other hand. –Monopoly:whena single company has virtually all market share; it is the ...
Gold is money. Everything else is credit. In other words, although their terms often overlap, currency and money can be thought of as two different things for the purpose of discussion. We can define currency as a liability of an institution, typically either a commercial bank or a central...
more goods tend to be purchased at lower prices. Or that, if demand for any given product exceeds the product's supply, ceteris paribus, prices will likely rise. In this situation, the price of an item is the only variable that should change. All else should...
Improved technology allows workers to produce more output with the same stock of capital goods by combining them in novel ways that are more productive. Like capital growth, the rate of technical growth is highly dependent on the rate of savings and investment because they're necessary to engage...