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Economics 101

Basic intro to economics By Liz O'Malley and Eric Burgene

Liz O'Malley

on 26 April 2010

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Transcript of Economics 101

Basic Terms Supply How much there is of a product Demand Force of how many people want a product Equalitbrium When supply and demand forces are equal Profit Price to purchase minus the cost of production Examples of Economics from Broiler Room When the men buy a stock, and sell it for a higher price, and make the most money because they bought it at a lower price When government taxes the firms products and as a result demand goes down and forces them to lose profits In the Broiler Room the firm does not have many employees, so they can make more money between a small amount of people Circular Flow Model It has 2 main parts. The Households and Firms Firms are like companys Households are people or consumers Theory: Money is circulating between a model. It is always going back and forth between the households and firms. Example: The money that firms make is given back to households by wages, and then given back to the firms when buying goods and services Things that can affect the flow Unemployment Because people do not have income, without income they do not have money to spend on goods and services. Thus the flow slows down
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