Economics

1 min. read

Economics

The cost of watching this video, is the video you’re not watching. The value of the next best alternative

Opportunity Cost
Whatever you give up to do something.

Scarcity
The tension between infinite wants and finite resources

Production Possibilities Frontier (PPF)

Circular Flow Model

Market
Any place where buyers and sellers meet to exchange goods and services

Voluntary Exchange:
That buyers and sells willingly decide to make a transaction

Macroeconomics
The study of the entire economy as a whole rather than individual markets

Recession
When 2 successive quarters, or six months, show a decrease in real GDP

GDP Components
Consumer Spending
Business Spending
Government Spending
Net Exports

Consumer Price Index (CPI)
A statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically

References
https://www.youtube.com/watch?v=3ez10ADR_gM&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO