Transcript Samurai Résumé Project

Samurai Résumé Project
• Labor: human effort used to make goods and
services OR workers that are hired.
• Scarcity: you can’t have everything you want
OR unlimited wants, limited resources
• Supply and Demand relationships:
– As demand goes down, price goes down
– As demand goes up, price goes up
– As supply goes down, price goes up
– As supply goes up, price goes down
General Economics Knowledge
A benefit is something you gain in making a choice.
A cost is something you give up in making a choice.
A market is where buyers arrive with money looking to
purchase things and sellers offer goods or services in
exchange for money.
Economics is the study of how people make choices.
In a market, both buyers and sellers have an incentive to
reach a compromise price in order to be mutually satisfied.
Incentives are things that motivate people to do something.
Opportunity cost is the best option given up when you make a
choice.
Scarcity tells us we can’t have everything we want.
There is no such thing as a free lunch.
Lawn Boy Character Matching
projects go awry often
purposeful
quiet and easily led by others.
red hair
says groovy
short, round
somewhere inside that brain maybe a
screw came loose
steel seat, pedals over the motor
teacher in an experimental school
trades stock broker services for lawn
mowing services
typical 12 year old
uses family as guinea pigs
voice sounds like thunder
wise in a round about way
big as a mountain
bowl type hair cut
clothes vintage 1970
does trim and other quiet work in the
neighborhood
doesn’t have the money to buy an
inner tube for bike
fast, light, moves easily
gave lawn mower to lawn boy
gentle touch
hand as big as a ham
has cousins lawn boy can hire
inventor
looked like a small bull dozer
looked like someone who flunked
clown school
old, small, two feet wide
Lawn Boy Vocabulary Matching
a plan of income and spending
a share of ownership in a corporation
all of the money you receive in business
before paying any expenses; gross
an economic system based on private
ownership of the means of production
an increase in the value of an investment
controlling, directing, or governing
expert knowledge or skill
giving money to a business with the hope
of getting more back, but with the risk
of losing it all
human effort used to make goods and
services
licensed or certified to work
money received as pay; wages
property and equipment used to produce
goods or services
revenue minus costs
something you gain in making a choice
something you give up in making a choice
the possibility of suffering a loss;
dangerous chance.
the problem of limited resources
the profit you make from your initial
investment
to spread one's efforts or investments over
a variety of products, securities, or the
like, in order to increase production or
profitability, or average the risk of loss.
to trade without money
to use in a specific way
two or more businesses combine into one
business
wages, payments for raw materials,
transportation, rent, and interest on
borrowed money
wealth that is immediately available for
use
when everything goes right without any
effort
Voluntary Trade Creates Happiness!
Lawn Boy Chapter Titles
1. The Principles of Economic Expansion
2. The Growth of Capitalism
3. The Law of Increasing Product Demand Versus Flat Production
Capacity
4. Capital Growth Coupled with the Principles of Production Expansion
5. Labor Acquisition and Its Effect on Capital Growth
6. Economic Expansion Combined with Portfolio Diversification
7. Overutilization of Labor Compounded by Unpredicted Capital
Growth
8. Dramatic Economic Expansion: Its Causes and Effects
9. Conflict Resolution and Its Effects on Economic Policy
10. Force of Arms and Its Application to Business
11. Business and the Art of Creative Misrepresentation
12. Team Management in Times of Uncertainty
13. Expertise, Its Utilization and Effects on Economy
14. Resource Utilization: Its Causes and Effects
15. Serendipitous Activity and Its Effects on Capital Quantity