Sleep disorder

Sleep disorders 

-insomnia 

Reoccurring problems in falling or staying asleep

Narcolepsy 

- characterized by uncontrollable sleep attacks 

-lapses directly into REM sleep ( usually during times of stress or joy )

Sleep apnea 

- a sleep disorder characterized by temporary cessation of breathing during sleep and consequent momentary reawakening 

Night terrors 

- a sleep disorders characterized by high arousal and an appearance of being terrified 

- occurs in stage 4 not rem 

Sleepwalking 

- sleep walking most often occurs during deep non-rem sleep (stage 3 or stage 4 sleep ) early in the night 

Dreams 

- a sequence of images, emotions, and thoughts passing through a sleeping person mind 

Manifest 

- the remembered storyline of a dream

Latent

-the underlying meaning of a dream

Why do we dream ?

Freud wish fulfillment theory 

-dreams are key to understanding 

-ideas and thoughts that are hidden in our unconscious 

Information processing theory 

-dreams act to sort out and understand the memories that you experience that day 

-rem sleep does increase after stressful events 

Activation synthesis theories

- during the night our brain stem releases random neural activity, dreams may be a way to make sense of that activity 

Stages of sleep

Stage 1

-kind of awakeful and kind of asleep

- only last a few minutes and you usually only experiences it once a night 

-eye begin to roll slightly 

-your brain produces theta waves ( high amplitude, low frequencies)

Stage 2 

-this follow stage 1 sleep and is the baseline of sleep

-this stage is part of the 90 minute cycle and occupies aproxiamtely 45-60 of sleep

Sleep spindles, short burst of brain waves

Stage 3 and 4

- slow wave sleep

- you produce delta waves

- if awaken you will be very groggy

- vital for resorting body growth hormones and good overall health

Last 15-30 min

REM sleep 

- rapid eye moment 

-brain is very active 

- dreams usually occur in REM

- composes 20-25% of a normal night of sleep

- breathing, heart rate, and brain wave actively quicken 

Sleep

Sleep 

-is a state of consciousness 

-we are less aware of our surrounding 

Biological rhythm 

-annual cycle (seasonal variations )

-28 day cycle ( menstrual cycle )

-24 hour cycle ( circadian Rhythm)

-90 minute cycle ( sleep cycle) 

Circadian rhythm 

- 24 hours biological clock

- our body temperature and awareness changes throughout the day

- it is best to take a test or study during your circadian peak

Sleep stages 

- there are 5 identified stages of sleep 

- it takes about 90-100 minutes to pass through the 5 stages 

- the brain waves will change according to the sleep stage you are in 

-the first 4 stages are known as  NREM sleep

- the fifth stage is called REM sleep  

Operant Conditioning

Operant conditioning 

- a type of learning in which behavior is strengthened if followed by reinforcement or diminished if followed by punishment 

Classical vs operant 

-they both use the 5 things "ADSGE"

-classical is automatic (respondent behavior). Dogs automatically salivate over meat, then bell no thinking involved 

-operant involves behavior where one can influence their environment 

With behavior which has consequences 

Edward thorndike

- law of effect rewarded behavior is likely to recur 

BF skinner 

Shaping 

-a procedures in operant conditioning in which reinforcers guide behaviors closer and closer towards a goal

Reinforcers 

- ant events that strengthen the behavior it follows 

2 types of reinforcement 

- positive and negative 

Positive reinforcement 

- strengthens a response by presenting a stimulus after a response 

Negative reinforcement 

-strengthen a response by reducing or removing an aversive stimulus

Primary reinforcer

- an innately reinforcing stimulus 

Conditioned reinforcer (secondary )

-a stimulus that gains it reinforcing power through its association with a primary reinforcers 

Continuous reinforcement

-reinforcing the desired response every time it occurs 

Partial reinforcements 

-reinforcing a response only part of the time 

- the acquisition process is slower

-greater resistance to extinction 

Fixed ratio schedule 

-a schedule that reinforces a responses only after a specified # of responses 

Variable-ratio schedule 

- a schedule reinforcement that reinforces a response 

Fixed interval schedule 

-a schedule reinforcement that reinforces a response only after a specific time has elapsed

Variable-interval schedule 

- a schedule of reinforcement that reinforces a response at unpredictable times intervals 

Punishment 

-meant to decrease a behavior 

Positive 

-addition of something unpleasant 

Negative

- removal of something pleasant 

Punishment works best when it is immediately done after behavior and if it is harsh 

Token economy 

- every time a desired behavior is preformed, a token is given 

- they can trade tokens in for a variety o prizes (reinforcers)

-used in homes, prison, mental institution, and school

Observation learning 

-Albert bAndura and his bobo doll

- we learn through modeling behavior from others

- observation learning + operant conditioning = social learning g theory 

Latent learning 

-Edward Toleman 

-sometimes learning is not immediately evident 

Insight learning 

- Wolfgang Koehler and his chimpanzees 

- aha moments . Learning through experience 

Storage

Storage 

Iconic memory

- a momentary sensory memory of visual stimuli, a photograph like quality lasting only about a second 

Echoic memory 

- the auditory stimuli 

Storage and short term memory 

- last usually between 3-12 seconds 

- 7 digits 

Long term potential ion 

- long lasting enhancement in signal transmitting between two neurons that results from stimulation them synchronously

-in other words they learn to fire together and get better at it creating a 

Hippocampus 

-damage to the hippocampus disrupt our memory 

-left, verbal

-right, visual and sorting 

Proactive interference 

- the disruptive effect of prior learning on the recall of new information 

Retroactive interference 

-the disruptive effect of new learning on the recall of old information 

Absolute Advantage

Absolute advantage 

- individual 

Exist when a person can produce more of a certain good/ service than someone else in the same amount of time 

-national 

Exist when a country can produce more of a good/service than another country in the same time period

Comparative advantage

-exist when an individual or nation can produce a good/service at a lower opportunity cost than another nation or individual

Input problem vs output problem   

Input- what can be produced using the least amount of resources." Land, or time" 

Chosen item / forgone item 

Output- deals with production. Lowest opportunity cost. 

What they give up/ what is produced 

Absolute advantage - faster 

Comparative - lower opportunity cost 

Purchasing power

Purchasing power parity- when the currency are set by international markets changes will based on the actual purchasing power of the currency 

Ex. If the U.S. Dollar to the euro rate is 1.5 to 1 then each 1.50 will buy one euro 

However if a item in the U.S. Cost a dollar a 1.50 the cost more and less than 1 euro then the parity is lost

Markets will adjust quickly in floating rates . Or pressure for change will change in fixed rates 

Why do we exchange currency 

1. 

2. Invest in other countries stocks and bonds 

3.build factories or stores in other counties

4. Speculate on currency values

5. To hold currency in bank account for future imports and exports in future loans 

6. Control excessive imbalances 

Dollar appreciation

Dollar appreciation 

- each dollar gets you more of the other currency. 

-more of the foreign currency is needed to buy each dollar 

-US exports gets more expensive for foreigners 

-US imports get cheaper for us 

-Exports down

- Imports Up 

- GDP down 

- demand for the U.S. Dollar will increase

-supply for the U.S. Dollar will decrease

Dollar Depreciation 

-each dollar gets you less of the other currency 

-exports increase

-imports decrease 

-GDP increase

-U.S. Exports become cheaper to buy

- us imports become more expensive to buy 

-demand for the U.S. Dollar will decrease

-supply for the U.S. Dollar will increase 

Supply of the U.S. Dollar comes from.

US citizen

Banks 

Industries wanting make foreign purchases 

Investments 

Assets 

 Making transfer payment to foreigner  

Demand from the U.S. Dollar comes from 

Foreigner

Banks

Industries wanting to buy us goods 

Investments 

Make transfers payments to us  

Formulas

Formulas 

Balance and trade 

Goods and services exports - goods and services imports

Trade deficit 

Imports > Exports

Trade surplus 

Exports > imports 

Informal way

Good exports + goods imports 

Balance of trade

Goods imports + service imports

Current account

Balance of trade + net investment + net transfer 

Capital account 

Foreign purchases of US assets + US purchases of assets abroad 

Official reserves 

Capital account balance + current account balance   

Balance of Trade

Balance of trades or net exports 

Exports of goods - imports of goods

Exports create a credit to the balance of payments 

Imports create a debit 

Net foreign income 

- income earned by U.S. Owned foreign assets - income paid to foreign held US asset 

Net transfers 

-foreign aid -> a debit to the current account 

Capital/ financial accounts

-the balance of capital ownership

- includes the purchase of both real and financial assets 

-direct investment in the united states is a credit to the capital account 

-direct investment by the U.S. firms/ individual a foreign country are debuts to the capital account 

Capital/financial account 

- purchase of foreign financial assets represents a debit to the capital stock 

- purchase of domestic financial assets by foreigner represent a credit to the capital account 

Relationship between current and capital account 

- the current account and the capital account should zero each other out 

- that is ... If they current account has a negative balance (deficit) then the capital account should then have a positive balance (surplus)

Official reserves 

-the foreign currency holdings of the U.S. federal reserve system

- when there is a balance of payments surplus the fed accumulates foreign currency and debits the balance of payments 

- when there is a balance of payments deficits the fed depletes its reserves of foreign currency and credits the balance of payments 

- the official reserves zero out the balance of payments 

Active vs passive official reserves 

- the U.S. Is passive in its use of official reserves. It doesn't seek to manipulate the dollar exchange rate

- the people republic of China is active in its use of official reserves. It actively buys and sells dollars in order to maintain a steady exchange rate writhing the U.S. 

Balance of Payments

Balance of payments 

Measure of money inflows and outflows between the US and the rest of the world.

Inflows- are credits 

Outflows- are debits 

The balance of payments is divided into 3 accounts .

- capital accounts

- currents accounts

- official reserves 

Double entry booking -

Every transaction in the balance of payments is recorded twice in accordance with standard accounting practice 

Current accounts-

Supply side economics

Supply side Eco - belief that as curve will determine levels of inflation, unemployment, and economic growth 

To increase the economy shift the as curve to the right.

They focus on the marginal tax rate 

Marginal tax rate - amount paid on the last dollar earned. For each additional dollar earned 

Lower taxes are an incentive for a business to invest into the economy 

Lower taxes are an incentive for workers to work hard, thereby becoming more productive

Lower taxes are an incentive for people to increase saving, there for create lower interest rate which causes an increase in business investment 

Supply side support policy that promote GDP growth

By arguing that high marginal tax rates along with with current system or transfer payments, such as unemployment compensation or welfare programs provide disc incentivize to work, invest, innovate, and undertake entrepreneur adventures 

Reagan economics 

Laffer  curve- trade off between taxes 

Used to support supply side argument 

As tax rates increase from 0, tax revenue from 0 to some maximum level and then decline  

3 critics   

1. Research suggest impact of tax rate on incentives, to work, save, and invest are small 

2. Tax cuts also increase demand which can fuel inflation,  thus creating a situation where demand exceed supply

3. Where the economy is actually

Located on the curve is difficult to

Determine . 

Phillips curve

Phillips curve- represent the  U employment 

Lrpc- occurs at the natural rate of unemployment . 

Represented by a vertical line. 

No trade off between unemployment and inflation in the LR. 

The economy produces at the full employment level. 

Lrpc will only shift if the LRAS curve shifts 

The major lrpc consumption is that more worker benefits create higher natural rates and fewer worker benefits produce lower natural rates 

Srpc, there is a trade off between inflation and unemployment that only occurs during the short run 

Has relevance to Okun law

Since wages are sticky, inflation changes move the points on the srpc.

If inflation persist and the expected rate of inflation then the entire srpc moves upward which causes the situation called stag flation 

If inflation expectation drop, due to new technology or economic growth then the srpc will move downwards. 

Aggregate supply shocks cause the rate of inflation and unemployment to increase 

Supply shocks - rapid and significant increase in resource cost

Misery index- is a combination of inflation and unemployment in any given year . Single digit misery is good  

Nominal wages

Time to short, for prices to adjust to the price level 

Workers may not be aware of changes in there real wages due to inflation and have adjusted their labor supply decision in wage demand accordingly 

Nominal wages- amount of money received per hour, per day, or per year. 

Sticky wages- nominal wage level that is set according to an initial price level and doesn't vary 

Time long enough for wages to adjust to the price level 

1. Price level and wage level are flexible 

2. Changes in wage and price level off set each other 

eco 2

Unit 4

Loa able funds market

The market where savers and borrowers exchange funds(Qlf) at the real rate of interest. (R%)

The demand for loan able funds, or borrowing comes from households, firms, government and foreign sectors. The demand for loan able funds is in fact the supply of bonds

The supply for loan able funds, or saving comes from households, firms, government, and the foreign sectors. The supply loanable funds is also the demand for bonds

Changes in the demand for loanable funds.

Remember that demand for loanable funds= borrowing 

More borrowing your do = more demand for loanable funds. ->

Less borrowing = less demand for loanable funds <-

Examples-

Government deficit spending = more borrowing = more demand for loanable funds 

R%= ->

Less investing = less borrowing = 

R% <-

Changes in the supply of loanable funds = savings

More saving = loanable funds ->

Less saving = loanable funds <-

Examples 

Government  surplus = more saving = real interest  rate   Decreases 

The other is decreasing 

When government   does fiscal policy it will affect the loanable funds market 

Changes in the real interest rate will affect gross private investment. 

Video response

1.) The first video discusses the types of money and the functions of the money. The three types of money are commodity, representative, and flat money. The three types of functions for money are mediums of exchange, money as a stored value, and unit of account. Commodity money is commodities that also function as money. Representative money means that whatever you are using as currency represents a specific quantity of a precious metal. Fiat money, is the money that makes it have value 

2.) In order to have a correct money market graph, you must have the correct labels. The Y-axis should be labeled interest rate while the X-axis is labeled the quantity of money. Whenever there is an increase in the demand of money the interest rates will also rise. When the interest rate is low, it encourages people to borrow more money, and vice versa.

3.) Expansionary and contractionary money supply are the Fed's tools of money suppy. Expansionary is usually referred to as easy money while contractionary is considered as tight money. The Fed has another tool of monetary policy known as the discount rate. The discount rate is known to not be so successful or important because if you lower the rate it will not automatically mean that banks will borrow the money.

4.) In this video we discussed loan able funds graphs. Whenever you are doing a loanable funds graph you  label your price on the y axis which in this case is the interest rate and your x axis qlf which stands for quantity of loan able funds.In order to show a result of saving more you will increase in the supply of loanable funds and in the incentives to save less we decrease the loanable funds. whenever there is a defecit it is when the government is demanding money in order to spend

5) Banks create money buy making loans. The money multiplier is found by one divided by reserve requirement. To find total money created, it would be excess reserves multiplied by the money multiplier. The video shows examples on how to find total money created. 

6.) The collaboration of all the key concepts are discussed in the last video. The government is put in a deficit as an example. Whenever the government is in deficit they are borrowing money from the public. The amount of money the government is in debt is mostly out to the people in the U.S.

3 schools

3 schools 

Classical

 Adam Smith, David Ricardo, Affret Marshal 

Competition is good 

Supply creates its own demand 

What ever output is produce it will be demanded.

AS determines output 

Invisible hand- market functions by it self. "Laissez-faire"

Saving( Leakage)= investment (injection) 

Saving increase with the interest rate. 

AS= AD @ full employment equilibrium 

Long run,  economy will balance @full employment.

Economy, always close to or at full employment 

Believe in trickle down effect.

Prices and wages are flexible downward. 

Keynesian

John Maynard

Competition is flawed, AD is key and not AS

AD determines output, there for demand creates its own supply.

Savers and investors, save and invest for different reasons.

Saving are inverse to interest rates.

Leaks cause consent recession, also saving causes recession.

Ratchet effects , and sticky wages blocks "says law"

Prices/ wages are inflexible downwards 

There is no mechanism capable of guaranteeing full employment.

In the long run we are dead.

The economy is not close to or at full employment 

Some government intervention 

Add stabilizers, use expansionary and contractionary policy. We use fiscal  

Monetary

Allan Greenspan, Ben benanke 

Fine tuning is needed

Congress can't time policy options

Voters won't allow contractionary options 

We use easy and tight money

Change required reserves if needed 

Buy and sell bonds on the open market.

Change the interest rates for the discount rates and federal fund 

Long run be Short run

Long run vs Short run 

Long run- period of time where input prices are completely flexible and adjust to changes in the price level.

Real GDP is independent of PL

Short run- Period of time where input prices are sticky and do not adjust to changes in price level.

Real GDP supplied is directly related to the PL

LRAS- marks the level of full employment in the economy( analogous to PPC)

LRAS is vertical at the economy level of full employment. Do not change firm profit which won't change firms Level of output

SRAS- Because input prices are sticky in the short run, the SRAS is upward sloping.

Increase in SRAS= ->

Decrease in SRAS = <-

Key= per unit cost of production

Per unit production cost= total input cost / total out put

Determinant of short run-

Input prices 

Productivity 

Legal institutional environment 

Input prices

Domestic-

Wages (75% of all business cost)

Cost of capital 

Raw material

Foreign-

Strong $= lower foreign prices

Weak $= higher foreign prices 

Market power- 

Monopolies and cartels. 

Increase in resources prices= SRAS<-

Decrease in resource price= SRAS->

Productivity

Productivity= total output/input

More= lower unit price=->

Less= more = <-

Legal institutional environment

Taxes and subsides- 

Taxes= <-

Subsidies = ->

Government regulation 

Government regulation= <-

Deregulation reduces = -> 

AD

AD

Aggreagate Demand- shows the amount of real GDP that the private, public and foreign sector collectively desire to purchase at each possible price level.

The Relationship between the price level and the level of real GDP is inverse 

Three Reasons AD is downward sloping-

1. Real Balances Effect- Price low, more buying. Price high, low buying

2. Interest rate effect- High interest rate discourages investment.

Lower Price level decreases the interest rate, tend to encourage investment 

3. Foreign Purchases Effect- Higher prices makes us want cheaper imports. Lesser price means foreign demand for cheap US exports.

Shifts in Aggregate Demand-

1. Change in Expenditure approach

2. Multiplier Effect that produces a greater change in the original change in the 4 components.

Increase in AD= Shift Right

Decreases in AD= Shift Left

Determinants of AD-   

Consumption

Household spending is affected by-

Consumer Wealth-  More Wealth= More Spending shift right

Less Wealth= Less spending shift left

Consumer Expectation-Postivie Expectation= More spending shift right

negative expectation= Less spending shifts left

Household Indebtedness- Less Debt= More Spending Shift right

More Debt= Less Spending Shift left.

Taxes- Less Taxes=  More spending Shift right. More Taxes= Less Spending. Shift Left

Gross Privet Investment

The Real Interest Rate-

Low=More ->

High= Less <-

Expected Returns-

High= More Investment  ->

Lower= Less Investment <-

Expected return are influenced by-

Expectation of future profitability.

Technology

Degree of  Excess Capacity ( Existing Stock of Capital)

Business Taxing

Government Spending 

More government spending = ->

Less government spending = <-

Net Exports

Exchange Rate-

Strong $= More imports <-

Weak $= More Exports ->

Relative Income-

Strong Foreign Economy= More Exports ->

Weak Foreign Economy= Less Exports <- 

Psych 2

1/22/15

Agora Phobia- Fear of going outside 

Mood Disorder- Experiences extreme or inappropriate emotion

Major Depression- Unhappy for at least two weeks with no apparent cause. Depression is the common cold of psychological disorders

Dysthymic Disorder- "mild depression", Suffering from mild depression everyday for at least two years. 

Bipolar- Formally Manic Depression. Involves periods of depression and manic episodes. Manic episodes involve feeling of high energy.

SAD" Seasonal  Affective Disorder"- Experience depression during the winter months. Based not on temperature, but on amount of sunlight.

Personality disorder- Well established maladaptive ways of behaving that negatively affect peoples ability to function. Dominates their personality .

Antisocial Personality- Lack of Empathy, Little regard of others feelings. view the world as hostile and look out for themselves.

Dependent Personality Disorder- Rely too much on the attention and help of others.

Histrionic Personality Disorder- Needs to be the center of attention.

Narcissistic Personality Disorder- Having an unwarranted sense of self importance. Thinking that you are the center of the universe. 

Nominal vs Real GDP notes

Nominal GDP- Value of output produced in current prices.

P*Q. Price x quantity 

Can increase from year to year if either output or price increase 

Real GDP- Value of output, produced in constant or based year prices. Adjusted for inflation

Price(Old) X Quantity

Can increase from year to year, only if output increases. 

Price Index- measures inflation by tracking changes in the price of a market basket of goods, compared to the base year.

GDP deflator- Price index, that is used to adjust from nominal to real GDP.

Base year, the GDP deflator will equal 100, for years after the base years the GDP deflator will be greater than 100

For years before the base year, GDP deflator will be less than 100.

Inflation Rate- New GDP deflator- Old GDP deflator/ Old GDP deflator X 100.

Expenditures Notes

Expenditure Approach- Add up the market value of all domestic expenditures made on final good and services with a single year

C+Ig+G+Xn=GDP

Income Approach- Adding up all the income earned by households and firms in a single year.

GDP= W+R+I+P+ Statistical adjustment  ( Has to = Expenditure)

Wages

Rents

Interest

Profit

 

Budget- Government purchases of goods and services+ Government transfer payments- Government tax and fee collection

If Budget is "+" you have a deficit

If Budget is "-" you have a surplus

Trade-  Exports-imports

GNP- GDP+Net foreign factor payment  

NNP(Net national product)- GNP- Depreciation  

NDP (Net Domestic Product)- GDP- Depreciation 

National Income- 

1. GDP- Indirect business taxes - Depreciation - Net Foreign Factor Payments

2. Compensation of Employees + Proprietor Income+ Rental Income + Interest Income + Corporate Profits

Disposable Personal Income- National Income- Personal Household taxes+ Government Transfer Payments

GDP notes

GDP- Total Dollar value, within a countries border, within a year 

GNP-Total value of all final goods and services, produce by americans in a year.

What is included in GDP- C+Ig+G+Xn

C= consumption, "67% is consumption", purchasing finished goods and services.

Ig= Gross Private Domestic Investment, Factor equipment maintenance, New Factory equipment, New construction housing, unsold inventory of a products built in a year.

G= Government Spending.

Xn= Net Exports. Exports-Imports

What is not included in GDP- 

1. Used or secondhand goods

2. Intermediate Goods, are goods and services that are purchased for resales or for further processing or manufacturing." trying to avoid multiple or double counting"

3. Non-Market activity, illegal drugs, unpaid work, doing own repair jobs, pimping, baby sitting, growing own food. 

4. Financial transactions- Stocks, Bonds, Real Estate 

5. Gifts or transfer payments- 

Public- Recipients contribute nothing, to the current output or production.

Private- Produces no outputs, simply transfer fund from on private individual to another.

Graph Notes

Graph Notes 

Equilibrium- Supply curve and demand curve intersect. Point where all resources are being use efficiently

Shortage- QD>QS

Surplus- QS>QD

Price Floor- Government imposed price limit, on how low a price can be charged for a product

 

Price ceiling- Government imposed limit on how high a price is charged for a product. 

Fixed Cost- A cost that cannot change. ex rent, insurance, mortgage

Variable Cost- Cost that fluctuate. Ex Gas, phone 

Marginal Cost- Cost of producing one more unit of a good. 

New TC- Old TC

 

Psych 1/8

01/8/15

5 goals of psychology

Observe

Predict

Explain

Describe

Control

History Of Psychology

Mind and Body Connected

The Hebrews

Aristotle

Augustine'

Mind and body are distinct

Socrates5

Plato

Descartes

Some ideas are inborn

Socrates

Plato

The mind is a blank slate

Aristotle

Locke

Wilhelm Wundt - Father of Psychology.

Structuralism- Broke down mental process into the most basic components of conscious experience. What did you see, hear, taste, smell, feel.

Functionalism- Focused less on the How, and focusing more on the Why. Emphasized the process of how thoughts formed, changed, and how they adapted. 

7 perspective 

Neuroscience Perspective- Focus on how the physical body and brain creates our emotions, memories and sensory experiences. 

Evolutionary- Darwinism, We behave the way we do because we inherited those behavior.

Psychodynamic- Sigmund Freud, our behavior comes from unconscious drives.

Behavioral- Focuses on our Observable behaviors. Only cares about the behaviors that impair our living and attempted to change them.

Cognitive- Focuses on how we think( or encode information)

Social Cultural - Focuses on how your culture affects your behavior.

Humanistic- Focuses on positive growth, attempts to eek self actualization

AP economic 1/8

01/8/15

Scarcity- Most fundemental economic probelm that all societies face." trying to satisfy unlimited wants, with limited resources" Permanent. 

Shortage- Quantity demanded is greater than quantity supplied . Temporarily shortage

Goods- Tangible commotie . 2 types of good "consumer vs Capital"

Consumer goods- Goods that are intended for final use by the consumer 

Capital goods- Items used in the creation of other goods .

Services- Work that is performed for someone else 

Factors of Production- 4 types, 

Land " Natural Resources"

Labor " Workforce"

Capital " Human Capital and Physical capital" 

Entrepreneurship- Innovative, Risk taker 

Human Capital- Any knowledge or skills gained through education and experience

Physical Capital- Human made objects used to create other goods and services 

Tradeoffs- Alternatives that we give up, when we choose one course of actions over another.

Opportunity Cost- Most desirable alternative given up by making a decision. " Given up on all option but you have to get something else"

Guns Or Butter- Where does the government spends its money. How are we allocating our resources.

Production Possibility Graph- Alternatives ways to use resources.

*Put a Graph In*

The curve is the - PPC or Frontier

The Graph-

A- We are efficient, and attainable. Making Both =

B- Efficient, Producing more cars 

C- Efficient, Producing more Trucks

"ABC all on the curve, meaning their efficient"

D- Under utilization, not employing all of our resources, attainable, but inefficient. " Inside of the curve. Caused by, depression, war and famine, underemployment and unemployment, down in population".

E- Unattainable, "outside of the curve", why we are? Economic Growth, Technology,  Discover New Resources.

01/8/15

Scarcity- Most fundemental economic probelm that all societies face." trying to satisfy unlimited wants, with limited resources" Permanent. 

Shortage- Quantity demanded is greater than quantity supplied . Temporarily shortage

Goods- Tangible commotie . 2 types of good "consumer vs Capital"

Consumer goods- Goods that are intended for final use by the consumer 

Capital goods- Items used in the creation of other goods .

Services- Work that is performed for someone else 

Factors of Production- 4 types, 

Land " Natural Resources"

Labor " Workforce"

Capital " Human Capital and Physical capital" 

Entrepreneurship- Innovative, Risk taker 

Human Capital- Any knowledge or skills gained through education and experience

Physical Capital- Human made objects used to create other goods and services 

Tradeoffs- Alternatives that we give up, when we choose one course of actions over another.

Opportunity Cost- Most desirable alternative given up by making a decision. " Given up on all option but you have to get something else"

Guns Or Butter- Where does the government spends its money. How are we allocating our resources.

Production Possibility Graph- Alternatives ways to use resources.

*Put a Graph In*

The curve is the - PPC or Frontier

The Graph-

A- We are efficient, and attainable. Making Both =

B- Efficient, Producing more cars 

C- Efficient, Producing more Trucks

"ABC all on the curve, meaning their efficient"

D- Under utilization, not employing all of our resources, attainable, but inefficient. " Inside of the curve. Caused by, depression, war and famine, underemployment and unemployment, down in population".

E- Unattainable, "outside of the curve", why we are? Economic Growth, Technology,  Discover New Resources.