a little more homework

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Arizona, MA, Minnesota, Atlanta, Arkansas, Oakland, ND, Cleveland, Tennessee, Fresno, VA, Wisconsin, Louisiana, San Jose, Oklahoma City, AK, Virginia Beach, New Mexico, North Carolina, El Paso, Illinois, Ohio, Maryland, AR, Long Beach, Arizona, NH, San Francisco, TN, Virginia, Boston, MN, Washington, HI, Minneapolis, NC, IN, Detroit, Honolulu, Hawaii, Indianapolis, Memphis, Maryland, Ohio, Utah, AZ, Oregon, Oklahoma, Iowa, TX, Massachusetts, District of Columbia, Washington, Connecticut, Seattle, a little more homework how much value do you give for an ice cream cone thats normative economics positive economics would be how much ice cream is consumed in the United States every day thats positive economics so those two are also pretty in terms like you can see you might see in a multiple choice question moving on are the resources that you use at a macro level so what are the resources that we use in economics and how do we deal with it basically there are three major resources that we talked about and youll see this pop up in macro and micro but more likely in macroeconomics and the way you do talk about this is one you have labor okay thats labor to is land okay and three is capital okay so these are the three major resources that we talked about economics theres a fourth one called entrepreneur ability but the for the most part you dont have to worry about it it just talks about the skill that each country has so lets go over the first three okay so labor talks about a people aspect of producing a good or a service so how many humans does it take to build a car right so that has to do with the labor so that has to do the people aspect of producing goods and services okay so goods and services what does that mean guys goods is basically if Im talking on a car thats a good okay a service is that if Im teaching you guys something thats a service ok so theres people aspect of producing goods and services if Im teaching you something this is the labor aspect of a resource a little more homework and economics the land aspect is the actual natural resources write the grant the grand am on the building that Im in the tree that Im using all of these are the natural resources right so their natural resources used right to produce producing goods and service the same thing guys same thing here okay same thing the natural resources used to producing goods and services is the land aspect of it so the building im in right now thats part of the land that goes into producing this particular video ok the next is the capital part of it all right so capital actually talks about the machinery and the equipment behind producing goods and services does that make sense so thats the machinery nuri / equipment ok now thats also for producing a good and services ok so machinery and equipment so for example the camera that were using right now to produce this film ok that is the machinery used so that is the capital aspect so any computers industrial equipment in a factory use a lot of machines that comes down to capital so in economics when you use resources then come down to a land labor and capital remember those these three are extremely important in explaining any resources ok so Im going to try to have some examples later on but thats basically I works the other one is entrepreneur ability but dont worry about that for now ok so moving on so were going to talk about Im going to race that in just a second but were going to move on to a concept called opportunity cost ok opportunity costs guys the way it works a little more homeworkis that you know imagine if you are making this if you are watching me right now ok the opportunity cost talks about what youve given up to watch me ok so for instance instead of studying for economics say you could have gone and worked and you would have made ten dollars the opportunity cost of watching this video and studying economics is ten dollars okay so it basically says opera cost is how much money okay what does it cost to give up something all right does that make sense another example for you is say you want to go and play baseball okay but instead of playing baseball you could have studied for our test okay so the opportunity cost of playing baseball is how much how many hours of studying youve given up and how many test scores you know you know relating to that now another example theres going to go one other example because opportunity cost is really important okay so opera G cost again is how much youve given up for something else okay so for instance you want to study history okay instead of studying history you could also work and you can make ten dollars an hour so when you study history okay you the opposite a little more homework