I have an economics exam tomorrow
Tell me everything you know
I have an economics exam tomorrow
Tell me everything you know
If you fail an economics exam, you shouldn't be in college.
The concept of opportunity costs separates those that can think economically from those that do not think at all.
When in doubt, draw three random lines in a graph.
so much this
JOIN THE $URRE$ TEAM
Macro or Micro?
There's no such thing as a free lunch.
Enjoy your A
The neoclassical synthesis is bogus
Read a book.
If you can explain why there is such a relationship between inflation and unemployment, you could probably write a PhD.
Dropping out of college is the final exam of an economics major.
supply and demand of kneepads
that's micro dingus
I call bullshit.
I worked in a hotel for 5 years.
I got free breakfast, lunch and dinner.
A lot of restaurant workers get a free meal.
I think even McD's give the staff vouchers.
1) Money never sleeps.
2) if you took all the banknotes in the US, and stacked them on top of each other, you would piss off a lot of people who are suddenly poor.
That food isn't free either, you're paying for it with your time and labor.
Credit facilitates growth.
Wealth of Nations was written in 1776 by Adam Smith.
Malthus didnu nuffin' and Keynes said he was right all along.
Real GDP is adjusted for inflation.
Thank me later.
It's a free perk of your job.
You pay nothing extra for it.
OK, I'll give you that.
= free lunch
Pump and dump
Buy high sell low
= free lunch
Opprotunity cost of going to the shelter. You could have been on the curb panhandling for those thirty minutes and could have potentially made over $2 to buy your two McChickens plus had money left over for labor.
Knight to B4 faggot.
Beat me to it
Something about elasticity
There's always an opportunity cost in theory.
You may get nothing, or $1 million dollars donated by a dying billionaire on the street, but it could take an hour or more.
At the soup kitchen, you may meet the same eccentric billionaire or a person giving handouts, because that's where they were going.
The gain, or lost gain, would have to be 1=1 or +1.
OK, look in garbage outside McD's pull out trash, stuff face.
Kill squirrel in park and eat him raw.
Double check and mate, sucka
Inflation is good
Fiat currency solves depressions
Keynes was the bomb
Give more grants to Israel
Read this you fucking austrian
If velocity of money increases, then the inflation rate increases. If there are lower interest rates, then there is more money. more money means that the velocity of money increses.
(Amount of money)(velocity of money) =(price)(output)
This formula say an increase in money decreases velocity
he hands in his exam
the TA is looking it over later
"well you see, when dick sucking increases, the demand of kneepads also increases, leading to a diminished supply, and therefore an increased price"
that formula makes no sense. it implies that less money would have people spending more.
nevermind. I misunderstood what it meant by velocity of money. velocity of money=/= people spending more money. it means # of times each dollar is spent, and with more money in circulation, each dollar is spent less
asking Veeky Forums for help with econ
Might as well take a shit on the test and hand it in like that
This is all I know.
don't do what jews say, do what jews do
Alright here's everything you need to know
If you're asking the day before the test, you already failed
Cramming now won't help, sleep will
the fed is a private bank and should not exist
Micro or Macro? Which school is your uni supporting?
tldr; opportunity cost, marginal value, humans have different values for the use of their time = unemployment is impossible to get to 0%, inflation and deflation, derivates rule the current world, exposure to risk and poorer nations are often gambling away their money on high risk investments while western worlds bet more on safe market average investments, Wealth Of Nations, nations humongous debts cause them to pay more interest annually than debt back, the unpredictable cyclical nature of the economics, import and export, cheap labor and outsourcing, supply and demand, free rider ( person who benefits from other peoples work), market economy ( system where resources are allocated through decentralised decisions), human capital ( amount of knowledge and skills that labor can apply), utils ( happy points), diequilibruim ( any price where the quantity demanded does not equal quantity supplied), demand schedule ( table showing quantity demanded for good at all prices), supply curve ( shows quantity of a good supplied at all prices), price discrimination ( good sold at different prices to different customers), market equilibrium (price meets demand), variable inputs ( production inputs that firm can adjust in a short run to meet demand for output), nonrenewable resources (cannot be replenished), natural monopoly (economies of scale is so that only one company is able to meet demand, aka local water source), normal profit (opportunity cost of entrepreneur's talents aka firm is earning zero profit), quintiles ( when houshold income ranked into 20% segments), comparative advantage ( ability to produce a good at lower opportunity cost than all other producers)
monopsony ( a factor market in which there is a sole firm that has market power),
Cartel (wfirms that agree to maximize their joint profits rather than compete),
production function( mechanism for combining production resources, with existing technology into finished good and services),
excess supply( difference between quantity supplied and demanded, a surplus),
normal goods( good for which demand increases with an increase in income),
factors of production(inputs or resources that go into the production function to produce goods and services),
consumer surplus( difference between a buyer's willingness to pay and the price actually paid),
shortage(demand exceeds supply),
constant returns to scale ( horizontalrange of long-run average total cost where LRAC is constant over a variety of plant sizes),
law of diminishing marginal returns,
marginal analysis(decisios based on weighing marginal benefits and costs of said action),
necessity(good for which proportional increase in consumption is less than the proportional increase in income),
positive extrenality(existence of spillover benefits upon third parties from the production of a good),
Marginal cost(additional cost of extra one output),
TFC(total fixed costs, aka all production costs that do not vary with the level of output),
price ceiling (max price to sell a product at),
average tax rate ( proportion of total income paid to taxes),
quota (maximum amount of good that can be imported into the domestic market),
Circular flow of economic activity(model that shows how househodls and firms circulate resources,goods and incomes through the economy, basic model also involves gov and foreign sector),
constrained utility maximization(a consumer stops consuming a good when the next unit is equal to marginal utility),
scarcity( imbalance between limited productive resources and unlimited human wants),
marginal productivity theory(citizens share of economic resources is proportional to the mavenue product of his or her labor),
deadweight loss(lost net benefit to sciety caused by a movement from the competitive market equilibrium),
misallocation of capital( discussed above with risky investments).
Interest rates are dictated depending on your school, but often it's said to be caused by the use of supply and demand, austrians argue that it's by the time preference of borrowers and lenders. Cyclical economics, austrians argue that it's caused by the governments dedication to control the money market. Austrian economists agree with adherents of rational expectations that individuals make decisions based on their rational outlook, available information, and past experiences.
Taxation is theft