Econ Basics Project by https://padlet.com/iheartflo11/5qo3n7lkxpbq Esmeralda, Robert, Aidan, Lizette en-us 2018-08-20 17:04:51 UTC 2025-11-14 11:22:40 UTC hello@padlet.com Economics rsmith204234 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274107101  the branch of knowledge concerned with the production, consumption, and transfer of wealth. ]]> 2018-08-20 17:10:07 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274107101 Shortage rsmith204234 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274110518 Shortages of goods and services drive economic growth by creating demand. For example, after hurricane Katrina Hadi had a shortage of adequate lumber during the rebuilding process, due to the demand for adequate lumber countries all over the world were making great prophets selling lumber to Hadi.  ]]> 2018-08-20 17:23:12 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274110518 Law of increasing costs lalcocer203801 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274110701 Product cost increases when production increases. 
Cost for production increases when more is produced, therefore, the product's price also increases.]]> 2018-08-20 17:23:45 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274110701 Needs in Economy iheartflo11 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274110953 Needs from an economical viewpoint are personal and physiological needs that are actually necessary to get through your life on a daily basis. 
Example of needs: Food, water, shelter, stability in financial, stability physically/health. 

The basic idea is that needs are more important than wants in our economy because we as humans can survive without our wants being present. Needs not being provided can actually fatally affect our society if we were to lose all source of water or nutrients.]]> 2018-08-20 17:24:41 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274110953 Wants in Economy iheartflo11 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274111144 Wants from an economical standpoint are desires you feel the need to have in order to be pleased by utilizing a good or service. 

Examples: Typical things that people want, especially in our society today, would be things like money, fame, or designer clothing.]]> 2018-08-20 17:25:15 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274111144 Cost lalcocer203801 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274113903 The combination of gains and losses of goods.
Cost information can be used to increase gains. It's a way of keeping track how much was gained and lost after taking a certain action.]]> 2018-08-20 17:34:15 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274113903 Underutilization lalcocer203801 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274218924 When something is not being used a lot.]]> 2018-08-21 04:30:57 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274218924 Efficiency lalcocer203801 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274222113 Efficiency could be when products serve their purpose in the best way possible. Waste is minimized and goods are produced at a low cost.]]> 2018-08-21 04:44:01 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274222113 Thinking at the Margin lalcocer203801 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274222974 Future planning, looking forward as you plan.
For example, planning out were a product will be sold and what convenient steps can be taken.]]> 2018-08-21 04:51:18 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274222974 Goods iheartflo11 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274223871 Goods are known as the items we utilize, such as spices, fruits, clothing pieces, or writing tools. Goods can we transferred and sent from state to state or even from country to country. California sends many goods to other states and countries. ]]> 2018-08-21 04:57:50 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274223871 Entrepeur https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274344884 A promoter is a necessary factor in exchangement of products.

For example, Bill gates is an entrepreneur for the company Microsoft.]]> 2018-08-21 15:53:31 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274344884 trade-off https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274345440 A compromise that reduces the amount of a product to gain more of a different product. 

For example, you can waste your $40 dollars in exchange for some gasoline. ]]> 2018-08-21 15:55:02 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274345440 Guns or butter https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274352316 Goods that are important for a nations long-term economic growth and stability, versus army supplies that can help us win a war. 

For example, a nation has to choose between two options when spending its finite resources.

]]> 2018-08-21 16:16:26 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274352316 Opportunity costs https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274352747 A potential choice chosen over all other alternative choices that brought lose instead of gain. 

For example, a nation could chose to invest their money in products that may not be as reliable as other products. ]]> 2018-08-21 16:18:05 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274352747 Services iheartflo11 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274364894 A service from an economical standpoint is a task or action that a person does for another person. Services are the people who do things such as help, work for, pamper and heal us. 

Example: Hairdressers, doctors, dentists, mail man, and teachers.]]> 2018-08-21 16:56:19 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274364894 Possibilities Frontier iheartflo11 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274371883 A curve describing all maximum outcomes possibilities for two goods. This curve assumes that all inputs are used correctly. 


]]> 2018-08-21 17:19:10 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274371883 Production Possibilities Curve iheartflo11 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274372880 A hypothetical representation of the amount of two goods that can be acquired by shifting from production of one good, to the production of the other good. ]]> 2018-08-21 17:22:22 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274372880 Factors of Production rsmith204234 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274372916 Factors of production include land are essentially the medium in witch a good or service is produced which includes , labor, capital and entrepreneurship. ]]> 2018-08-21 17:22:30 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274372916 Land, Labor, Capitals rsmith204234 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274375406  The first factor of production is land, this includes any natural resource used to produce goods and services. The second factor of production  Labor is the effort that people contribute to the production of goods and services.  The third factor of production is capital wtich includes machinery, tools and buildings people use to produce goods and services. ]]> 2018-08-21 17:30:08 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274375406 Scarcity rsmith204234 https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274487150 Scarcity is essentially a shortage of supply. When something is scarce there value skyrockets due to the low amount.
For example diamonds are scares with is what makes them so valuable. If diamonds were abundant they would be a lot cheaper.]]> 2018-08-22 04:43:49 UTC https://padlet.com/iheartflo11/5qo3n7lkxpbq/wish/274487150