The following Mr. Clifford videos will really help to understand the process. The last video also is good if you are struggling.
The following videos help to explain the process.
Attached notes to help you:
Production Possibilities Blank Notes |
We are starting to look at the cost and benefit of producing one good over another. We are using trade-offs, opportunity costs and marginal analysis to understand why sometimes producing one product over the other is beneficial to a business, industry or nation. The following Mr. Clifford videos will really help to understand the process. The last video also is good if you are struggling. The following videos help to explain the process. Attached notes to help you:
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In order to understand PRICES, you have to understand supply & demand. In order to understand supply, you have to think like the producer. In order to understand demand, you have to think like the buyer. When you put them both together, you get a full market for the demand and supply of a good or service. Make sense? No? Still confused? Check out the following tools to help you! First of all, I used most of my lesson from this Prezi from Mr. Kim (I borrowed it, I am citing him, hes great, thank you, Mr. Kim). See here: Mr. Kim's Supply & Demand You should also check out Mr. Clifford's videos below. He has a YouTube Channel called ACDCLeaderhip. There are over 200 videos for economics! He really breaks it down for you. See here: Mr. Clifford's YouTube Channel So far we have learned that economics is easy, and as many of you have told me - common sense. Basically, economics is the study of choices. We have to make choices, because our resources are limited. We have unlimited wants but we cannot always satisfy them. We have to make choices when we make trade offs. Its typically hard to make choices, but we have to look at the costs and benefits of every choice. We have to think about what we are giving up if we choose something. This is called opportunity cost. Its the next best option that we gave up to get something. For a better understanding of all the concepts we have talked about, watch these clips: WHAT IS ECONOMICSCIRCULAR FLOW MODELCLICK HERE: http://bcove.me/sis78ues
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May 2015
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