Macroeconomics- Study of economy as a whole. International trade, Inflation
Microeconomics- Study of individual of specific units of the economy. (Decisions that households make and how they interact in the market)
Positive Economic- Claims that attempt to describe the world as is, very descriptive in nature, based upon facts.
Normative Economics- Claims that attempt to prescribe how the world should be (opinion based)
Needs- Basic Req. for survival
Wants- Desires
Scarcity- Fundamental economical problem that all societies face (how to satisfy unlimited wants w limited resources.
Shortage- Occurs when quantity is demanded is greater than quantity supplied (QD>QS)
Goods v. Services
Goods- tangible commodities- brought, traded, reproduced, capital goods and consumer goods
Cap.- items used in the creation of other goods
Consumer- Goods that are intended for final use for the consumer
Services- Work that is performed for someone.
I really like how you kept it simple but still descriptive enough to understand. The different variation of color from the typical black font gives your blog a unique touch. Lastly, I would advise you to put a date on each post.
ReplyDeleteI admire how you used different colors on your blog to capture the readers attention. I also find it helpful how you put the topics in bold words and used descriptive words to describe the topic so we would be able to understand. Last but not least I think you should put examples of each topic so that the reader can get a better understanding.
ReplyDeleteVocabulary definitions are always helpful and straight forward. The examples definitely helped me with further understanding. I appreciate the simplicity of your notes. Great Job!
ReplyDelete