ESI U1 L02 - Five Powers of Economic Thinking by jclerch https://padlet.com/jclerch/jzu7d3ol6ts2 en-us 2018-03-24 03:24:55 UTC 2024-10-06 15:14:13 UTC hello@padlet.com jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264668150 2018-05-31 01:43:52 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264668150 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264674598 2018-05-31 02:24:16 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264674598 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264674699 2018-05-31 02:24:44 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264674699 A video that focuses on incentives. jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264675191 2018-05-31 02:28:30 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264675191 How to make choosing easier jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264675240 Regardless of whether you choose "rationally" or "behaviorally" Sheena outlines practical advice for decision-makers. ]]> 2018-05-31 02:28:41 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264675240 Interactive Lesson on opportunity cost jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264676139 2018-05-31 02:33:44 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264676139 Reff's Videos jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264677012 2018-05-31 02:39:02 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264677012 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264746199
  • Explain that scarcity exists because factors of production are finite and wants are infinite.
  • Explain that as a result of scarcity, choices have to be made.
  • Explain that when an economic choice is made, an alternative (called opportunity cost) is always foregone.
  • Explain why choice results in an opportunity cost. 
  • Explain that the three basic economic questions that must be answered by any economic system are: (a) What to produce; (b) How to produce, and; (c) For whom to produce.
  • Explain that economics studies the ways in which resources are allocated to meet needs and wants.
  • Examine the assumption of rational economic decision-making.
  • Identify the four factors of production and their respective payments (rent, wages, interest and profit)
  • Clarify the meanings of the term capital
  • Explain different qualities of market-based vs. command economies.
  • Describe, using a diagram, the circular flow of income between households and firms in a closed economy with no government.
  • Identify the flow of the four factors of production and the flow of income in the circular flow diagram.
  • Outline that the income flow (income earned by the factors of production) is numerically equivalent to the expenditure flow (spending to buy final goods and services)  and the value of output flow (value of all final goods and services).
  • Describe, using a diagram, the circular flow of income in an open economy with government and financial markets, referring to leakages/withdrawals (saving, taxes and import expenditure) and injections (investment, government expenditure and export revenue).
  • Explain how the size of the circular flow will change depending on the relative size of injections and leakages.

    • ]]>     2018-05-31 10:34:58 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264746199     jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264756590 2018-05-31 11:46:29 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264756590 Trading Game jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264757041 2018-05-31 11:49:02 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264757041 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264757556 St. Louis Fed]]> 2018-05-31 11:51:53 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264757556 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264860550 2018-05-31 18:10:06 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264860550 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264861215 2018-05-31 18:13:33 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/264861215 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/266590547 2018-06-11 11:46:32 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/266590547 jclerch https://padlet.com/jclerch/jzu7d3ol6ts2/wish/266590595 2018-06-11 11:46:46 UTC https://padlet.com/jclerch/jzu7d3ol6ts2/wish/266590595