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1. Macro Vs. Micro EconomicsMacro Economics: The study of the entire economy
Micro Economics: The study of parts of the economy. How households and firms make decisions and how they interact in markets. (EX: supply & demand)
2. Positive Vs. Normative Economics
Positive Economics: Claims that attempt to describe the world as it is,very descriptive. (EX: Minimum wage laws causes unemployment [Fact])
Normative Economics: Claims that attempt to describe how the world should be. (EX: The Government should raise the minimum wage [Opinion])
3. Needs Vs. Wants
Needs: Basic requirements for survival.
Wants: Desires of citizens much broader than your needs.
4. Scarcity Vs. Shortage
Scarcity: Most fundamental economic problem that all societies face. Satisfy unlimited wants to limited resources. (Permanent)
Shortage: Situation in which quantity demand is greater than quantity supply. (Temporary)
5. Goods Vs. Services
Goods: Tangible. It is bought, sold, traded, or produced.
-Consumer Goods: Goods that are intended for final use by the consumer. (EX: Candy)
-Capital Goods: Items used in the creation of other goods.
Services: Work that is performed. (EX: Janitor or barber)
Really easy to read and straight to the point information which made me understand the topics easier. I enjoyed the multiple examples you provided in your blog about factors of production, goods and services, etc. Only thing that would set your blog apart would be if you could add pictures or videos to give visual aids about the actual topic. Other than that your blog is very informative and easy to comprehend.
ReplyDeleteAfter every topic you listed, you included an example of it, which was helpful, you may want to talk about supply more, since you mentioned it, so that the reader has a general idea of what it is before you go in depth with it.
ReplyDeleteYour use of several examples on each topic was very helpful making the notes more understandable. I would agree with the suggestion of the use of visuals to help captivate others and to help you get more detail into your notes. I like how you've outlined your notes because it shows how you need to know one topic before you know the other, and the relationship between certain things. Over all, great blog!
ReplyDeleteYour notes were very helpful, however I noticed you are missing the detailed notes of the contrast between supply and demand as well as the formulas given to us for supply problems like TR= PxQ
ReplyDeleteTC= TFC + TVC
AFC =TFC / Q
ATC = AFC + AVC or TC / Q
NEW TC - OLD TC = MC
pictures of the graphs would also help the reader gain a better understanding of the concept
hopefully this helps; overall, I love the blog~ :3