Create a Double Bubble Map comparing durable and nondurable goods

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Presentation transcript:

Create a Double Bubble Map comparing durable and nondurable goods

Value Actual Dollars and Cents people are willing to pay. Why are some things more “valuable” than others? Discuss with your elbow partner.

Paradox of Value Nonessential items have a higher value than essential items. Water vs. Gold/diamonds/precious metals and stones

Utility For something to have value it most also have utility. It must be useful or provide satisfaction. Not fixed or measurable. Varys from one person to the next Make a list of 3 items that are useful to you, but not your partner.

Joumaa, Labib (20085844) , Mansour, Ghadir (20091958) Bazzi, Hassan (20052499) , Nasser, Saham (20063659) Dakroub, Hussein (0581462) , Jaber, Mohamad (20052997) Maatouk, Rania (20052104) , Fawaz, Reem (20052500) Alnajjar, Zainab (20044224) , Alkarem, Zainab A (20054577) Bazzi, Zeinab J (20079791) , Hassan, Yousef K (20076877) Mohamed, Muna A (20102625) , Ghamlouch, Zeinab (20093889) Hammad, Noor (0585172) , Abdelrahman, Adam R (20071660) Chahrour, Eva (20043611) , Ajrouche, Mariam (20052075) Nasser, Sahar I (20052107) , Altarjoman, Moustafa (20097668) , Faraj, Hussien (20047352) Ajamy, Celine (20059232 Bazzi, Hussein A (20054547) , Hamade, Hadi A (0581889) Chamas, Diana F (20055290) , Saad, Navine (20085446) Shajrah, Sulaimaan (0578429) , Alhayani, Hussain S (20082513) Kleit, Mouhamed (20098615) , Dia, Israa M (20098828)

Wealth Tangible Scarce Useful Transferable

Nations Wealth All Tangible items NOT SERVICES Natural Resources Buildings, houses, Factories, Stores Furniture, clothing books, video games, ANYTHING THAT CAN BE EXCHANGED (bought and sold) NOT SERVICES

Economic Growth Nations total output of good and services increases.

Factor Market Our place of work. Where we Make the money we like to spend

Product Market Stores, Malls Places we (individuals) go to buy our goods and spend our Hard earned money

Productivity Increase in production. Ex. Make 20 Chairs a Day for a week then the next week make 25 Chairs a day.

Investing in Human Capital Governments: Providing education, health care Businesses: Training employees Individuals: Education

Division of Labor and Specialization of Labor

Complete Pg. 17 2-8

Adam Smith Pg. 18 Read. Take notes on Adam Smith