Recent Changes

Monday, May 3

  1. page Financial Sector edited ... (e) None of the above. Answers: 1)a 2)d 3)b 4)b 5)e 6)a 7)E 8) C 9) D 10) A 11) C 12) D 13) E…
    ...
    (e) None of the above.
    Answers: 1)a 2)d 3)b 4)b 5)e 6)a 7)E 8) C 9) D 10) A 11) C 12) D 13) E 14) C
    Market for Money:
    http://www.mhhe.com/economics/java/5/display.cgi?1956011336

    (view changes)
    6:46 pm
  2. page Basic Economic Concepts edited ... 2. D Luis de Armas Everyone cleary already got most of the topics covered, but I'm going to…
    ...
    2. D
    Luis de Armas
    Everyone cleary already got most of the topics covered, but I'm going to add my notes here in case anybody needs a different look at some of these same concepts.
    -Fabi P.
    Scarcity
    The basic principle of economics is that resources are limited. There is an infinite demand for a finite amount of supplies. therefore problems arise and economics is the study of these ups and downs of the market.
    A good example of scarcity is the toilet paper crisis in Cuba.
    http://www.myfoxchicago.com/dpp/news/dpgo_Toilet_Paper_Crisis_Cuba_fc_20090812_2918809
    This scarcity leads to opportunity costs
    Opportunity Costs
    There is always a trade-off between resources.
    If you buy product A, you must give up some of product B
    Production Possibilities Model (PPC)
    The production possibilities model (yes it has already been referred to) assumes that the economy is operating at full employment. This is not 0% unemployment but the natural rate of unemployment (4-6%)
    One big economic concept is the concept of Ceteris Paribus
    It literally means "other things equal"
    It assumes that all other variables besides the variables being compared are held equal.
    Everything else seems to be covered in pretty good detail.
    A good website for REview of some of these concepts is
    http://cepfe.nmsu.edu/?q=node/11
    my personal favorite way of reviewing is with this video that was produced by some of our very own RE students:

    (view changes)
    6:45 pm
  3. page Macroeconomics and Fiscal Policy (deleted) edited
    6:35 pm
  4. page Macroeconomics and Fiscal Policy (deleted) edited
    6:17 pm
  5. page Basic Economic Concepts edited ... c) Pre-School is no longer in session d) Price of Crayons go down Answer Key: 1. D 2. D …
    ...
    c) Pre-School is no longer in session
    d) Price of Crayons go down
    Answer Key:
    1. D
    2. D
    Luis de Armas

    (view changes)
    6:08 pm
  6. page Basic Economic Concepts edited ... Active, but LIMITED, government Money! (It's the medium) 7. 3 Things Affect the Law of Dema…
    ...
    Active, but LIMITED, government
    Money! (It's the medium)
    7. 3 Things Affect the Law of Demand
    Diminishing Marginal Utility
    Every time you get another slice of pizza it satisfies you less
    Income Effect
    Price drops make your income spread further (Buy more stuff!)
    Substitution Effect
    As the price drops of a certain product, people want to substitute it for a different product
    Multiple Choice Questions
    Which of these is NOT a Determinant of Supply?
    a) Taxes and Subsidies
    b) Producer Expectations
    c) Resource Prices
    d) Number of Buyers in the Market
    2. Which of the following would cause the demand for
    paint (a substitute good for crayons) to go down?
    a) Income taxes nation-wide are lowered
    b) Crayons decrease their spectrum of colors
    c) Pre-School is no longer in session
    d) Price of Crayons go down

    (view changes)
    6:07 pm
  7. page Market Failure and the Role of Government edited ... Tragedy of the commons-no incentive to incur internal costs associated with negative externali…
    ...
    Tragedy of the commons-no incentive to incur internal costs associated with negative externalities
    cap-and-trade- pollution-control agency determines the amount of pollutants that firms can discharge
    -Amy (below)
    Transfer payments- A good or service from the government given to a household or firm. The recipients make no current contribution to domestic output in return for them (ex: social security and unemployment compensation)
    Government purchases- Products purchased that directly absorb resources and are a part of domestic output
    GOVERNMENT IN THE CIRCULAR FLOW DIAGRAM (Amy)
    {Untitledpicture.gif} government in the circular flow diagram

    How can the government intervene in a negative externality case?
    A: Direct controls: legislation like The Clean Air Act
    ...
    http://www.reuters.com/article/idUSTRE6412H820100502
    These are two articles are good explanations of the oil spill in the Gulf that happened last week and how it will effect our country, its workers, and our economy. This spill is costing the country millions in resources, endangering marine life, destroying the shrimping and boating occupations, thus it is a negative externality.
    What has So Far Prevented an Economic Depression? (Amy)
    This is an article that has four excellent graphs depicting the governments role in preventing this most recent recession from turning into a depression.

    III. Marginal Social Benefit and Marginal Social Cost
    The Cost-Benefit analysis is a method the government uses to decide whether resources should be used or not for a certain project.
    (view changes)
    5:49 pm
  8. 5:14 pm
  9. page Basic Economic Concepts edited ... - sales of HFCS were low because of decreased demand for the resource/input, HFCS Amelia Gran…
    ...
    - sales of HFCS were low because of decreased demand for the resource/input, HFCS
    Amelia Grant-Alfieri and Annika Wreder
    1. There are 2 different kinds of Economics apart from Macro and Micro:
    Positive Economics -- A realistic view at the economy using real facts and data
    Normative Economics -- A view of how economics should be, includes ideas like Universal Healthcare. Oh wait, that is real...
    2. Assume the following with the Production Possibilities Model:
    Full Employment
    Fixed Resources
    Fixed Technology
    Consumer and Capital Goods
    3. Law of Increasing Opportunity Costs
    Due to limited resources, the PPC is not a straight line because as you increase the amount of consumer goods, you lose more and more capital goods.
    4. There are 2 different kinds of Economic Systems;
    Command System -- Economy with a high degree of central planning and little private ownership of property (U.S.S.R.)
    Capitalist System -- Economy that lets the market to allocate resources
    Private Property
    Free Enterprise
    Freedom of Choice
    Self Interest
    Competition
    Awesomeness
    5. How do Market Systems serve as a coordinating mechanism?
    Markets know what the people want!
    Flexible
    Fluid
    Direct Interaction!
    Private Property encourages people to invest!
    People can buy property and reap the rewards
    Competition motivates people to be more efficient and regulate prices
    6. Advanced Market Systems invest in:
    Technology and Capital Goods
    Specialization
    Active, but LIMITED, government
    Money! (It's the medium)

    (view changes)
    4:56 pm

More