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Supply and Demand: Crash Course Economics #4

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understanding economics chapter 2 quizlet

Already have an account? Log in. Get started today! Edit a Copy. Study these flashcards. Eric L. Fill in the blanks to complete the sentence about the production possibilities frontier. A community of woodworkers produces tables and chairs. If five new members join who specialize in chairs, the community will be able to produce both more tables and more chairs because the increase in labor resources has shifted the entire PPF upward and outward. False It is true that the community can produce both more tables and more chairs.

Fill in the blanks to complete the sentence about model failure in the Great Recession. Leading up to the Great Recession, a major problem with computer models used by many banks to predict the performance of mortgage-backed securities was that the models were designed to assume that real estate prices would always rise. Which of the following types of graphs would be appropriate for data about a single variable?

Correct Answer s 1. Place the steps that make up the scientific method in their proper order. Observe an interesting phenomenon. Develop a hypothesis. In one week, Jedidiah Schlepp can produce 24 gizmos or 20 whatsits. What is the opportunity cost ratio, in gizmos per whatsit?

Give the answer to one decimal place. They can spend their winnings immediately and live the good life for a while, or they can spend the money on training for the next tournament.

They ultimately decide to spend most of the winnings on training for the next tournament. What does their decision represent? More than one choice may be correct. In one year, Wynn Debbler can make 90 pairs of trousers or 30 coats, while Peg Michaels can make pairs of trousers or 30 coats. They discuss an arrangement in which Peg gives Wynn trousers in exchange for coats, so that they both benefit. Which of the following arrangements should be acceptable to both Wynn and Peg?Substance abuse is a major public health problem that affects millions of people and places enormous financial and social burdens on society.

It destroys families, damages the economy, victimizes communities, and places extraordinary demands on the education, criminal justice, and social service systems. To understand the connections between substance abuse problems and the child welfare system, it is important that substance abuse and the medical, social, and economic problems that are associated with the use and misuse of alcohol and other drugs, as well as addiction to these drugs, be clearly understood.

The use of alcohol and other drugs is a multifaceted phenomenon, varying with the individual's level of use and the dysfunction he or she experiences as a result of his or her use.

The range includes the following:. The use of alcohol or illicit drugs at any time for experimentation. While in and of itself experimentation may not appear to be abusive, even a single episode of experimentation can result in harm to self or to others. For example, the use of alcohol or other drugs at all during pregnancy could result in harm to the fetus, the experimental use of alcohol or other drugs while driving can result in harm to the user as well as others, or a child may be injured when left unsupervised while a parent is intoxicated.

Also, if experimental use continues or serves as a gateway to additional use, as often it does, patterns of alcohol and other drug abuse may develop. Use of any drug or combination of drugs in social situations, or for social reasons. If such social use causes any harm, physical or otherwise, to the user or others, it is also considered abuse. Social use of alcohol or other drugs often leads to further and elevated use.

Heavy use of alcohol periodically. This can result in harm to the physical health of self and others, and negative behavioral consequences, which may result in bodily harm to self or others. For example, harm may be caused by heavy periodic use of alcohol or other drugs while pregnant, driving while intoxicated, or either neglecting or inflicting violence on self and others while under the influence.

The National Household Survey on Drug Abuse defines binge alcohol use as drinking five or more drinks on the same occasion at least one day in the past 30 days. The characteristic feature of abuse is the presence of dysfunction related to the person's use of alcohol or other drugs.

Economics Chapter 4,5,6 And 7. Unit Test

One standard definition U. For example, use of substances in weekend binge patterns may not involve physiologic dependence; however, it may have adverse affects on a person's and possibly others' lives. According to the DSM-IV, substance abuse is "a maladaptive pattern of substance use leading to clinically significant impairment or distress, as manifested by" a variety of possible symptoms of impairment.

Neglect of children is specifically listed as a potential symptom of substance abuse American Psychiatric Association, Again we see a culture riven by growing economic division.

Putnam continues his narrative device of short stories about exemplary characters. He begins with an elite family and their privileged son, Andrew In turn Andrew and his sister enjoy lives of serious wealth. So my dad jumped on it and built a barn out at our ranch and Lucy got a horse, and it was just a complete turnaround.

In contrast we learn about Kayla and her epically sad family or familieswho would certainly not be able to jump on a family issue by erecting buildings on one of their spreads. The story is too complex to summarize here, but it includes early and surprise pregnancies, multiple marriages and their collapses, overcrowding, unemployment, frustrated schooling, depression and despair, and health emergencies. What forces does Putnam discern within these two very different stories?

The former usually give birth in wedlock, while the latter have children increasingly on their own 66 and are more likely to divorce the husbands they go on to marry These show two contrasting lines, representing one of many social dynamics, that split apart and widen over time, showing changing cultural practices shoved apart by economic division.

This chapter also returns to an earlier theme, that historical divisions based on race are being superceded or exceeded by economic gaps. He seems to balance cultural and economic causes. Bend construction photo via Wikipedia. Everybody shops at the same grocery stores, and unless they send their kids away to school, to the same public or parochial schools.

Berry Brazeltonthe noted pediatrician, when he came to our town. It seemed clear then, and as it does now, that stable employment for parents is the single most influential factor on the welfare of kids.

No sign of that yet. Either way, he makes me look hard at my very tiny town and those nearby. Every poor kid whose life he narrates has parents with sporadic and low-paying jobs. They seem almost to mean the same thing: money brings upper class upbringing, education, connections, solutions.

Freakonomics Summary and Analysis of Chapter 2

Also by the pulling apart of people: families pull apart, and they also have to move so they make no emotional or other connections beyond their nuclear unit or more distanced kinship relationships. Well said re: money aggregating and pulling people apart. The closest Ohio city to me pop. Does an economic crisis allow family fragility to become normalized, or does a normalized behavior appear as a more viable solution to an economic problem?

There are policy issues related to that question, but they also lead into issues of racism and classism. This gets worse in the next chapter, I believe. Again, he expresses the nostalgia for what he calls the Ozzie and Harriet style families. Births outside of marriage were uncommon because there was a huge stigma against women who got pregnant.

Freakonomics Summary and Analysis of Chapter 2

Imagine if Pizza Hut had to pay Darleen and let her take 3 months or more off to take care of Kayla—as many other countries do. First, Putnam is certainly not casting the poor as pure victims. Later on Putnam will insist that there are no villains — in that mentality, the poor are at least partly to blame for their misfortunes.The next chapter aims to answer the question, "How is the Ku Klux Klan like a group of real estate agents?

Within a decade of its beginning, the Klan was extinguished, but restarted again by the s, when it began targeting not only blacks, but also Catholics, Jews, communists, immigrants, and other minority groups. While World War II caused the Klan to lie low for a while, it revitalized strongly after the war, with its headquarters in the city of Atlanta. There, Stetson Kennedya writer who was dedicated to ending bigotry, decided to go undercover and join the Klan in order to reveal its coveted secrets that might help lead to its destruction.

He wormed his way into their ranks, learning all their secret customs, and eventually was invited to join the Klavaliers, who were the Klan's secret police.

By this point, the Klan was a lot less violent than it used to be, and carried out many fewer lynchings; instead, the real power of the s Klan was their fear rhetoric. Kennedy realized the best way to take the Klan down was to expose their secret information to the world in whatever way he could, so he fed these important Klan secrets to a radio show listened to which many children listened, called "Adventures of Superman. Levitt attributes Kennedy's success to his understanding of the power of information.

The KKK's power existed in the form of information, and once that information was exposed to the world, they lost the advantage they had from holding it. Similarly, after the advent of the internet, the price of term life insurance fell drastically because websites were created that allowed users to quickly compare the price of different policies.

These websites dealt in the currency of information. The internet has served to balance out the possession of information, providing more to consumers than they previously had, but many experts are still able to use their informational advantage combined with other incentives like fear to rope consumers into a bad deal. The next part of the chapter goes in-depth on the real-estate-agent problem discussed in the book's introduction.

Since a real estate agent has much less to gain from an increase in the selling price of your house than you do, she will try to convince you that a low offer is actually worth taking, even if she knows the house could actually sell for more if she were to keep it on the market longer.

In order to convince you to take this offer, an agent will use the informational advantage she has over you to induce fear. She may tell you that the housing market is tanking, or that a nearby house worth much more had a lot of trouble selling. Real estate agents will also use different phrases in listings for the houses they are selling that convey large amounts of information to another agent or a savvy buyer.

Specific words that are physical descriptions of the house itself are correlated with high selling prices—like "granite," or "maple"—as well as terms like "state-of-the-art. But this abuse of information is not limited only to experts. We selectively portray information about ourselves depending on the type of situation we are in. We will likely describe ourselves in a very different way during a job interview than we would during a first date. The final segment of the chapter discusses whether or not people take pains to outwardly appear non-discriminatory in certain social situations, and whether this lack of discrimination is sincere or just a charade.

The trivia game show The Weakest Link answers this question. Both blacks and women, two groups who are typically discriminated against, surprisingly are not discriminated against in this game: they are voted off at rates that correspond with their trivia-answering abilities. Levitt postulates that this is because, after the civil rights movement and the feminist movement, people do not want to appear like they are discriminating against these groups.

Instead, though, the elderly and Hispanics are discriminated against, suggesting that players are still discriminatory in some way. Economists propose two different kinds of discrimination: the first is taste-based discrimination, when one person discriminates because he prefers not to interact with a certain type of person.

The other is information-based, when one person believes another type of person has poor skills and discriminates against them for this.Economics - Semester Course. Course Description :. Economics is a semester-based course that must be satisfied for meeting graduation requirements.

Robert Putnam, _Our Kids_, chapter 2: “Families”

This course will evaluate how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy unlimited wants. We will concentrate on the economic problems of scarcity and the decision-making process; identifying various economic systems and what the basic economic questions that every society must answer; and forms of business organizations. We will cover microeconomic principles such as demand; supply, prices and decision-making; and market structures.

Additionally, we will analyze economic issues faced by the government such as employment, labor, and wages; sources of government revenue; government spending; and financial markets. Then, we will cover macroeconomic principles such as economic performance; economic instability including business cycles, inflation, and unemployment; money, banking, and the Federal Reserve.

understanding economics chapter 2 quizlet

Last, we will analyze the global economy as related to international trade. This course will combine a theoretical and practical emphasis on analyzing economic implications and their potential effects on resources, society, and overall quality of life. This course places an emphasis on class work, written work, outside reading. The readings will include a textbook, accompanying handouts, and supplemental readings. Explain how scarcity is the basic economic problem that requires people to make choices about how to use limited resources.

Explain how every society has an economic system to allocate goods and services. Explain what profit motive is and how profit motive acts as an incentive for people to produce and sell goods and services. Explain how buyers consumers and sellers firms are the primary forces that voluntarily interact in the market in determining market prices; interaction of demand and supply; law of demand and law of supply.

Analyze how the government strives for a balance between costs and benefits for economic policies to promote economic stability and growth. Identify basic macroeconomic issues related to economic growth and evaluated through economic indicators within various stages of the economic cycle such as productivity, unemployment, inflation, GDP, CPI, PPI, etc. Analyze labor markets as related to supply and demand, real versus nominal wages, and labor trends. Analyze the governmental services provided and the funding sources revenue for various government levels; expenditure sources for various government levels.

Explain the operation of the interdependent world economy and the role played by consumers, employees, producers, and investors. Analyze critical information and apply basic economic concepts in real-life employment, consumer, and personal finance decisions.

Course Requirements :. Students will be expected to complete daily assignments, homework, and participate in class discussions. Classroom activities will include group discussions, problem solving, and individualized instruction. Students are encouraged to work interdependently and assist others.

Grading Scale :. If a student plans to be absent, they should contact the teacher and arrange for the test to be taken three-school days from the date of absence. A Final Exam will be administered.

H omework : Homework will be assigned, collected and graded. All late work will be given one grade less for each day late up to 2 days.I just got back from the rOpenSci OzUnconf that was run in Melbourne last week. These events are always a great opportunity to meet people just getting started in the R community and to get them involved.

As is typical for these unconferences, topic ideas were pitched via issues on the OzUnconf GitHub repo. The gist of Face ID is that it recognizes your face using a mathematical representation and then unlocks the phone when it can confirm that it is you. When we teach the class an exploratory graph is the kind of graph you make for yourself just to try to understand a data set. An expository graph is one where you are trying to communicate information to someone else.

Communication Both of my podcasts have a co-host who is not in the same physical location as me. Therefore, we need to use some sort of Internet-based communication software (Skype, Google Hangouts, FaceTime, etc. A lot of it was YouTube videos of advanced editing or very basic stuff.

Home About Archive Conferences Courses Interviews Contributing RSS Twitter GitHub Built with blogdown and Hugo. All rights reservedMore about the journalElsevierAbout ScienceDirectRemote accessShopping cartContact and supportTerms and conditionsPrivacy policyCookies are used by this site. From the daily routines in our homes to the business of making the greatest cities run, the effects of statistics are everywhere.

What is statistical analysis. For example:Look around you. From the tube of toothpaste in your bathroom to the planes flying overhead, you see hundreds of products and processes every day that have been improved through the use of statistics. Affordable storage, powerful computers and advanced algorithms have all led to an increased use of computational statistics. But why is there so much talk about careers in statistical analysis and data science.

It could be the shortage of trained analytical thinkers. Or it could be the demand for managing the latest big data strains. Or applying statistics to win more games of Axis and Allies.

It is often these early passions that lead statisticians into the field. As adults, those passions can carry over into the workforce as a love of analysis and reasoning, where their passions are applied to everything from the influence of friends on purchase decisions to the study of endangered species around the world.

Statistics Procedures CommunityJoin our statistics procedures community, where you can ask questions and share your experiences with SAS statistical products. Get more details Oberweis Dairy uses modern analytics to preserve an age-old tradition.

understanding economics chapter 2 quizlet

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