https://padlet.com/lehien052k/bguo71rsca7nt368 Made with charisma en-us 2021-03-01 13:12:43 UTC 2021-03-02 02:13:27 UTC hello@padlet.com lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252899926 2021-03-01 13:17:36 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252899926 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252901224 2021-03-01 13:17:53 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252901224 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252905320 2021-03-01 13:18:50 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252905320 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252947184 - Meaning of an economy: A system by which people get living
A framework where all economic activities are carried out
Levels of economics keep on changing
- Needs: Human basic requirements of food, clothing, and safety.
- Wants: Specific objects might satisfy the need.
- Demands: Needs + Wants + Money => Desire to acquire
- Definition of economics: focus on the existence of unlimited human wants and the scarcity of available resources.

]]> 2021-03-01 13:27:52 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252947184 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252992167

People face trade-offs

The cost of something is what you give up to get it

Rational people think at the margin

People respond to incentives

Trade can make everyone better off

Markets are usually a good way to organize economic activity

Governments can sometimes improve market outcomes

A country's standard of living depends on its ability to produce goods and services

Prices rise when the government prints too much money

Society faces a short-run tradeoff between Inflation and unemployment.

]]> 2021-03-01 13:36:22 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1252992167 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253049725 - Factors of production:
Land
Labor
Capital
Entrepreneurship
=> They are in limited supply
- The reality of scarcity forces us to make choice that involve giving up one opportunity in order to do or use st else.]]> 2021-03-01 13:47:10 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253049725 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253076353 What to produce ?
How to produce ?
For whom to produce ?]]> 2021-03-01 13:52:12 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253076353 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253088642 4 types of economic system
1. Traditional economic system: The existence is primary on traditions and customs
Self-sufficient
bartering: trading without money
2. Market economic system: There is no government in economic decisions
private ownership
-But only goods and services with the highest profit will be produced
3. Command economic system: Government tries to eliminate all private property and distribute its goods and services equally
4. Mixed economic system: The state can through the passing of law => protect citizens from unfair trading practices
Both government and the private sector can cooperate in offering certain services]]> 2021-03-01 13:54:21 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253088642 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253173325 -The downward and upward fluctuations of gross domestic product (GDP) along its natural growth rate over a long period of time.]]> 2021-03-01 14:09:12 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253173325 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253175587 -Gross domestic product (GDP) is the total value of output produced in a given time period
-GDP = C + I + G + (X-M) where
C: Household spending on goods and services
I: Capital Investment spending
G: Government spending
X: Exports of Goods and Services
M: Imports of Goods and Services]]> 2021-03-01 14:09:33 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253175587 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253177024 -GNP= GDP + NFIA ( Net factor income from abroad)]]> 2021-03-01 14:09:45 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253177024 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253178489 - Measuring unemployment
Adults in the working age are grouped into three categories.
+ Employed
+ Unemployed
+ Not in the labor force
Labor force= Number of employed + number of unemployed
- Types of unemployment
+ Structural unemployment
+ Frictional unemployment
+ Cyclic Unemployment]]> 2021-03-01 14:10:00 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253178489 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253180883 -CPI= Price of Market Basket in current Year : Price of Market Basket in Given Year ×100
- Inflation rate in year 2= (CPI in year 2 -CPI in year 1): CPI in year 1 x 100
-Problem in measuring the cost of living:
1. Substitution bias
2. The introduction of new good
3. Unmeasured quality change]]> 2021-03-01 14:10:24 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253180883 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253185046 - Components of economic growth:
+ Physical capital
+ Human capital
+ Technology
- A healthy climate for economic growth
Market economy + a legal system]]> 2021-03-01 14:11:07 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1253185046 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256184804 2021-03-02 01:39:17 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256184804 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256225016 2021-03-02 01:55:06 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256225016 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256233760 2021-03-02 01:58:40 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256233760 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256234150 2021-03-02 01:58:49 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256234150 lehien052k https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256265507 2021-03-02 02:12:09 UTC https://padlet.com/lehien052k/bguo71rsca7nt368/wish/1256265507