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