Part One By: Yasmine Valdez

WARNING!!!!! The first definition that is showed are from online, but the second one that is demonstrated is in my own words..... The will be 2 examples. 1) Is going to be a picture 2) Is going to be a video stating how the world is shown in the real world
ECONOMICS- the branch of knowledge concerned with the production, consumption, and transfer of wealth
Economics is when a person is cognitively thinking about what they are going use their money to buy like services and goods. They need to think since they have a scarcity amount of money
Economically when local farms make product it helps out the farmers and the government when they are sold at stands and stores
The economic perspective focuses on how resources are distributed in an organizational setting.
SCARCITY- the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs
Scarcity is when there is a limited amount of resources
At a Beyonce concert there is a scarcity in tickets since their is a certain amount of seats. Beyonce's manager has to decide whether or not they want to perform for just one day or a few more days and if they will sell out
Not only do we have a scarcity amount of tickets to go to a Beyonce Concert but there is a scarcity in our world that is caused by global warming and climate change for example in California there is a drought that is effecting our farms
Externality- a side effect or consequence of an industrial or commercial activity that affects other parties without this being reflected in the cost of the goods or services involved
An externality is when a third party gives a positive or negative side effect to people without being effected in cost
pollination of surrounding crops by bees kept for honey
A negative externality is a cost that is suffered by a third party as a result of an economic transaction
A negative externality is when a third party gives you deleterious effects in the near by future or throughout your life time
A negative externality is pollution in the air and how it can give us health effects in the present or the future
A positive externality is a benefit that is enjoyed by a third-party as a result of an economic transaction. Third-parties include any individual, organisation, property owner, or resource that is indirectly affected.
A positive externality is when a thrid party gives you a positive benefit
Some examples of positive externalities would be education, food, or electronics
Rational Self Interest is actions that elicit the most personal benefit
When someone wants a good for their own personal benefit
A rational self interest would be getting food because you are hungry. Going to a taco stand this one is selling 2 tacos for $1 but there is another taco stand selling 3 tacos for $1 which one would you go to. The one with more tacos for a dollar.
the loss of potential gain from other alternatives when one alternative is chosen
Opportunity cost is when you are choosing between two different options based on loss on a potential gain
Soccer players enjoy playing soccer and the cost that they need to consider is joining a club causing them to loose potential money
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses. There is little government intervention or central planning.
There are 3 different markets traditional, command, and mixed
Demand is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa.
The amount of people that want to purchase the Kylie Jenner lipkit or any of the cosmetics that she has
The amount that the company makes and the cost that they are going to sell the product for. The high that the supply is the lower the cost. The lower the supply the higher the cost.
UTILITY- Utility is a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good. Utility may measure how much one enjoys a movie, or the sense of security one gets from buying a deadbolt. The utility of any object or circumstance can be considered.
Going to the movies is a utility because lets say the owner of the movie theater has to measure how good the movie is and how many consumers pay to watch it
In economics, marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good. In general terms, marginal cost at each level of production includes any additional costs required to produce the next unit
A marginal cost is an additional cost that results from in increasing rates of outputs
An example would be the cost of electricity because you pay for the electricity but you are getting power back
A marginal benefit is the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service. A person's marginal benefit is the maximum amount he is willing to pay to consume that additional unit of a good or service.
Marginal Benefit is the benefit for each additional unit
The marginal analysis is the examination of the costs and benefits for example grades in school when we have grade checks
A incentive is a prize or reward that you receive for example a trophy or employ of the month
A non-monetary incentive is when money is not given as a reward. What is given as a reward are activities
An example of an a non-monetary incentive would be healthcare, day care or maybe gym access
As the name implies, a monetary incentive is a money-based reward given when an employee meets or exceeds expectations
A monetary incentive is a money based reward
An example of a monetary incentive is a cash bonus
a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
Private Costs: A producer's or supplier's cost of providing goods or services. It includes internal costs incurred for inputs, labor, rent, and depreciation but excludes external costs incurred as environmental damage (unless the producer or supplier is liable to pay for them).

Credits:

Created with images by karl.herler - "Warning" • stux - "piggy bank save saved" • Brett_Hondow - "piggy bank pig piggy" • Dziunka (an amatour photographer) - "Fields" • Comfreak - "book writer read" • HALDANE MARTIN - "Stealth Chair, Designed by Haldane Martin, Photo Dook" • PublicDomainPictures - "background concert music" • thekrisharris - "DSC03521" • tonynetone - "Earth" • fudowakira0 - "ladder sky pig-iron" • Foto-Rabe - "industry sunrise clouds" • LearnerWeb - "Technology_12" • uwlideas - "#Food" • uwlideas - "#Food" • DandelionL - "dendrobium chinese herbal medicines food" • NASA Goddard Photo and Video - "London, United Kingdom [Detail]" • ViNull - "Soccer" • JeepersMedia - "Walmart" • mkhmarketing - "Emerging Media - Twitter Bird" • JeepersMedia - "Kylie Jenner Nail Polish" • hazelnicholson - "Justin Bieber badge pack" • JD Hancock - "Universal Avengers" • johnyksslr - "tickets cinemas 3d" • pohjakroon - "trophies show award" • valkovav - "sports indoor cycling fitness"

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