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951-751-9653

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Creative, Hardworking, Reliable

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Reliable, Hardworking, Honest

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903-952-1432

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Organization, Hardworking, and Leadership

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Victoria Kinney

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Animoto's video maker turns your photos and video clips into professional videos in minutes. Fast and shockingly simple - we make video creation easy.

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Effort from everyone!

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Animoto's video maker turns your photos and video clips into professional videos in minutes. Fast and shockingly simple - we make video creation easy.

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512-590-0902

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Easygoing, writing essays, flexible schedule.

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Good attitudes and nice group members.

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281-466-9902

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flexible

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effort

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936-707-6393

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Organized/Planner

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Participation/effort

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Picture

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903-918-5780

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Organized

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effort and communication

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Animoto's video maker turns your photos and video clips into professional videos in minutes. Fast and shockingly simple - we make video creation easy.

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https://animoto.com/play/4gdZZCQKxNpB9WOIR64ZSw

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-Everything we value is scarce.

-Because everything we value is scarce, we cannot have it all.

-Because we cannot have it all, we have to make choices.

-Every choice we make means giving up something else.

-That most valued alternative that we give up when we make a choice is our opportunity cost.

-Ms. Doty's powerpoints

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-The study of the economy at a large-scale level, examining total output, the price level, and other aggregate measures of the economy.
Examples:
Unemployment
Federal minimum wage
Federal taxes
Trade Agreements

-Mcgraw Hill

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-The study of the economy at a small-scale level, examining individuals and specific markets.
Examples:
Rent
Gasoline
Households
Single Markets
Weather

-Mcgraw Hill

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-A condition that results from the inability of limited resources to satisfy unlimited wants.
Which is more scarce?
Water v. Drinkable Water
70% of the earth is covered in undrinkable salt water, so drinking water is more scarce.

-Mcgraw HIll

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1. People choose
2. The choices people make involve costs
3. People respond to incentives in predictable ways
4. People create economic systems that influence individual choices and incentives
5. People gain when they trade voluntarily
6. Peoples choices have consequences that lie in the future

-Ms. Doty's powerpoints

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-The value of the next-best forgone alternative; the value of the opportunity that you gave up when you chose one activity, or opportunity, instead of another. Opportunity costs exists because of scarcity.

-Mcgraw Hill

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-Any item used to produce goods and services.
Land- natural resources used in production, "gifts of nature."
Labor- physical and mental activity devoted to production.
Capital-  tools, machinery, infrastructure, and knowledge in production, "physical" and "human" capital.
Physical Capital- tangible items that are created to increase productivity.
Human Capital- knowledge and skills people acquire to increase productivity.
Entrepreneurial Ability- the talent or ability to combine land, labor, and capital for production. Assumes risk and organizes resources.

-Mcgraw Hill

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Julia is running her own bakery.
Capital- The oven used by Julia to produce cupcakes.
Land- The wheat used to produce flour for the cupcakes.
Capital- The education Julia received to become a pastry chef.
Labor- The effort Julia uses when mixing, baking and icing the cupcakes.
Entrepreneurial Ability- The talent Julia has to produce cupcakes efficiently.
Not a Resource- The money Julia used to build the bakery.

- Mcgraw Hill

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ECONMOIC FUNCTIONS OF GOVERNMENT (Article 1 Section 8 of government)

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ECONMOIC FUNCTIONS OF GOVERNMENT (Article 1 Section 8 of government)

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1. Maintain the Legal Framework

Define and enforce property rights.

Establish a monetary system.

2. Maintain Competition

Create and enforce anti-trust laws.

Regulate natural monopolies.

3. Provide Public Goods and Services

Market that does not provide insufficient quantities for public goods and services.

Private Goods and Services

Rival in consumption

Excludability

Public Hoods and Services

Non Rival

Non Excludability

4. Correct for Externalities

Reduce negative externalities.

Encourage increased production of goods and services that have positive externalities.

5. Stabilize the Economy

Reduce unemployment and inflation, and promote economic growth

Fiscal Policy: raising/lowering taxes or by government spending.

Monetary Policy: Controlling the money supply or by changing interest rates.

6. Redistribute Income

Redistribute income from people who have higher income to those with lower incomes

Benefits received from income: Sales tax (regressive) and Income tax (progressive)

*This information came from Mrs. Doty's Six Economic Powerpoint*

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Simple Circular Flow (Closed): Autarky: no trade outside its own
Resources: Land, Labor, Capital, and Entrepreneurial Ability.
Factor of Production: Inputs used in the productions of goods and services in order to make economic profit.
Revenues: sales. (Price*Quantity)
Expenses: Cost required for something
Income: Money received.
Profit: Financial gain. (Amount earned - Amount spent)
Private Sector: National Economy that is not under direct government control
Public Sector: Controlled by government.
Private Property Ownership: Foundational to a market economy
Transfer Payments: Medicare, Grants, Home Subacetates
Households: (Start of Flow). Market based economy(capital: financial savings), households own the resources, which is also their income.
Business Firms: Want resources Households have, resources become factors of production (rent, wages, interest, profit), stuff businesses use to make stuff.
Resource or Factor Market (Same thing): Resources goes to the market from the households, to the business firms.
Product Good/Service Market: Where business firms send their products, which the households purchase and business firms make revenue (P*Q)
*These definitions are from the PowerPoints and also in-person classes*

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Government interaction in the resource/factor market: Consumer of resources and pays rent, wages, interest, and profit (which goes to the households)

which increase cost for business firms

Government interaction in the product market: As a consumer, Public Goods are sent to the product market (yellow arrow in the middle of Mrs. Doty's chart)

Government interaction with Business Firms: Competitor

*This information can be found in Mrs. Doty's Circular Flow PowerPoint*

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The role of financial markets

The importance of Household savings

International Markets (Open circular flow)

Resource Market: Immigrant Hires (open circular flow)

Product Market: Exporting/Importing (Open Circular Flow)

Capital Market Flow: Tools, technology, equipment, and facilities (come from house hold savings)

*This information can be found in Mrs. Doty's Circular flow power point*

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Market Failure is a term used to describe a situation where market(s) do not produce optimal outcomes (efficient output), and maximize surplus, either due to internal or external factors. In addition, the production and consumption of a product has the ability to affect 3rd parties who have nothing to do with either, we call these externalities.

-McGraw Hill

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Imports-Goods, services, and resources made abroad and sold domestically.

Exports-goods, services, and resources made domestically and sold abroad.

quota rent-the income earned by whoever has the right to import the good at the world price and sell it in the domestic market at a higher price. The dollar value of a quota rent is equal to the size of the quota times the difference between the quota price and the world price.

Comparative Advantage- the ability to produce a good or service at a lower relative opportunity cost than another producer.

Specialization- the practice of producing a single good or service instead of multiple

absolute advantage- the ability to produce more output given the same resources as another producer.

opportunity cost-the value of the next best alternative.

Production possibilities frontier- a graph that shows the possible combinations of two different goods or services.

terms of trade- the price of one good, service, or resource in terms of another.

barrier to trade- any policy that is designed to reduce the competitiveness of foreign goods and services.

tariff- a tax or fee paid on goods from other countries
-McGraw Hill

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When a producer can produce something at the lower opportunity cost they have the comparative advantage.
Example: Canada can make catch 20 fish or make 60 televisions. Japan can catch 15 fish or 90 televisions. Canada has the comparative advantage in fish while Japan has the advantage in televisions.

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This is the practice of focuses resources of producing a single good instead of multiple.
In the context of global trade specialization means relying on other nations for certain goods and services but overall producing more goods and services.

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Externalities are instances where a 3rd party, not directly connected to the production of consumption of a product are affected by that market. These externalities can be positive or negative, they can either benefit the 3rd party or impose a cost on them, we call this benefit/cost spillover.

External Benefit: An airport was recently built, which will bring more people and therefore business to the stores near the new airport.

External Cost: A power plant is dumping in the lake and polluting the air, making everyone's lives harder.
The government is able to correct failures caused by both positive and negative externalities by either fining suppliers or subsidizing.

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-Ms. Doty's powerpoints

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To protect producers from foreign competition they can put tariffs on them.

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(From Doty's powerpoint)

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A private market is, as described in McGraw Hill, a market in which the production and consumption only affect those participating in it.

Private Marginal Cost: The amount it costs the producer to put out one additional unit of a good or service

Private Marginal Benefit: The benefit to the consumer of an additional unit of a good or service.

External Marginal Cost: The cost of one additional unit of a good or service imposed on 3rd parties.

External Marginal Benefit: The benefit of one additional unit of a good or service enjoyed by 3rd parties.

Those terms above come into play when you're trying to calculate the Social Marginal Benefit/Cost. For calculating social marginal benefit, you simply add the private and external marginal benefits together. The same goes for social marginal cost, simply add the private and external marginal costs.

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In market economies private goods and services are usually produced and sold by firms, these are named as such because you can be excluded from using the good until you have paid for it. There is also a rivalry to get it, if you get it someone else will not be able to. Some examples of private goods are as follows:
- Food
- Phones
- Clothes
- Cars

In addition to private goods there are also public goods. Public goods are available to everyone whether they help pay for it or not. These goods are nonrival and non-excludable which means taking some will not hinder anyone's ability to use it too. Some examples of public goods are:
- Cable television
-  Parks
-  Street Lights
- Law Enforcement

While we like not having to pay for stuff, if the supplier is not making a profit manufacturing this good, then there is no incentive to continue production and then we wont have those goods anymore.

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Global warming and market failure. The Economics of Climate Change, by Robert P. Murphy

If the physical science of manmade global warming is correct, then policymakers are confronted with a massive negative externality. When firms or individuals embark on activities that contribute to greater atmospheric concentrations of greenhouse gases, they do not take into account the potentially large harms that their actions impose on others. As Chief Economist of the World Bank Nicholas Stern stated in his famous report, climate change is “the greatest example of market failure we have ever seen.”…

https://www.econlib.org/library/Topics/College/marketfailures.html

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When we use the economic way of thinking it helps clearly and logically make decisions by analyzing things like opportunity cost.

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Rivalry- There is no rival to a public good since that is what the government provides and you can't compete with the government since they don't operate at a profit

Excludability- A public good is non-excludible if you decide to stop paying your taxes and live in the woods you will still have the umbrella of national of defense protecting you meanwhile a private good and service is excludible

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A monopoly would be a example of market failure. There is no need to improve your business since there is no longer competition. This would lead to a inefficient allocation of resources since the market wouldn't be able to fix itself.

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In Economics instead of being simple and saying satisfaction we prefer the term Utility. Utility is merely a hypothetical idea that is measured in Utils. It is always better to have more Utils then less
-Ms. Doty Powerpoint

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Makes production as efficient as possible. Using each others strong suit to maximize efficiency in production is what this topic is about. And they're able to reach levels of consumption that were impossible before trading.

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Price is determined by the interactions of the buyers and sellers in market. For buyers, prices reflect willingness and ability to buy a product. Buyers seek to buy for the lowest price possible and sellers seek to sell for the highest. Competition from other sellers tend to drive prices lower, and competition from other buyers drives prices higher.

-Mcgraw Hill

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Sam goes to work for Enterprise after graduating from college.

Which market?- Resource market, selling her labor to Enterprise.
Whose receiving money?- Sam, from her weekly salary
Payment name?- Cost to Enterprise, income to Sam.

-Mcgraw Hill

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"There's more to economics than money.  There is rationality, choice, and value. People respond to incentives. People create economic systems that influence individual choice and incentives."
-Professor Doty's lecture

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6 Economic Functions of Government Examples

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6 Economic Functions of Government Examples

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1. City police increase neighborhood patrols = Provide Public Goods and Service
2.Lawsuit establishes patent rights =Maintain the legal and social framework
3. Legislature passes funding for subsidized housing = Redistribute income
-Professor Doty's 6 Economic Function PowerPoint

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A competitive market can fail to produce the socially optimal quality because either the demand curve represents marginal social benefit or marginal private benefit, or the supply curve no longer represents marginal social cost or marginal private cost.
-Professor Doty's Markets and Government Efficiencies and Failure PowerPoint

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Important Things to Remember About Comparative Advantage

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Important Things to Remember About Comparative Advantage

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-People gain when they trade VOLUNTARILY.
-Absolute advantage doesn't relate to trade, but is always in the news.
-Comparative Advantage is the foundation for trade.
-Specialization is the foundation for comparative advantage.
-Professor Doty's Comparative Advantage Lecture

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Important Things to Remember About Elasticity and Utility

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Important Things to Remember About Elasticity and Utility

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Utility = Satisfaction
Elasticity = Sensitivity
-Professor Doty's PowerPoints over Elasticity and Utility

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video by Jacob Clifford

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Circular Flow Matrix- How the economy works

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Video by Jacob Clifford and Adriene Hill

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Intro to Economics: Crash Course Econ #1

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-Supply and Demand relate back to the circular flow model (product market)
-Understand perspective
-Quantities demanded or supplied aren't the same as supply and demand.
-Curve shifts are caused by determinants
-Professor Doty's Powerpoint

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-Price on the vertical axis
-Quantity on horizontal axis
-Price supplied and Quantity of supply
-Up-sloping and positive slope
-Professor Doty's PowerPoint

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Consumer Surplus: Triangular area inside the demand curve above the equilibrium price. Represents amount of benefit that consumer gain from markets.
Producer Surplus: Triangular area inside the supply curve below the equilibrium price. Represents the amount of benefit that sellers gain from markets
Total Economic Surplus: Triangular area inside the supply and demand curves both above and below the equilibrium, the sum of PS and CS.

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Video by Jacob Clifford and Adriene Hill

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Market Failures, Taxes, and Subsidies: Crash Course Economics #21

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A measure of how responsive one variable is to change another variable; calculated as the percentage change in quantity divided by the percentage change in price.

-Mcgraw Hill

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-Down-sloping and negative slope
-Professor Doty's PowerPoint

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Demand
-Related Goods
-Income-Number of Buyers
-Tastes and Preferences
-Expectations
Supply
-Government
-Resources
-Alternatives
-Number of Sellers
-Expectations
-Technology

-Professor Doty's PowerPoint

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Video by Adriene Hill and Jacob Clifford

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Supply and Demand: Crash Course Economics #4

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All economic systems answer these questions

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All economic systems answer these questions

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How to produce
What to produce
For whom to produce
(Market economies and command economies answer them differently)
*This information comes from Mrs. Doty's PowerPoint*

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Lowering prices when demand is relatively elastic will INCREASE total revenue
A change in price when demand is unit elastic will have NO EFFECT on total revenue
Lowering prices when demand is relatively inelastic will DECREASE total revenue

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Shifting Curves and Changing Equilibrium

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Shifting Curves and Changing Equilibrium

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The only variable that can change quantity is PRICE. The curves shift to reflect changes other than price. Out and right is MORE, in and left is LESS

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Along with being elastic or inelastic, a demand curve can also be Unit Elastic. For any demand/supply curve that is unit elastic, a change in product price will cause an equal and proportional change in the quantity demanded.

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This is a video from Khan Academy that really helped me when we were learning this topic.

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Changes in equilibrium price and quantity when supply and demand change (video) | Khan Academy

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Previously we looked at what happens to the equilibrium price and quantity in a market if supply or demand change. In this video, we explore what happens when BOTH supply and demand are changing at the same time.