ICBYD's School: Lesson 1 Economics6

ICouldBeYourDad2mon 27d
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Hello and welcome to your first economics lesson at my school. Today we will be exploring some basic economic terms and briefly looking into the circular flow model.

Definitions

First I'd like to start of by defining some key words you will come across in these lessons if you need me to elaborate more on them please contact me via dms.

Want: A want is simply put as a good or service that is not required for survival purposes. Some examples would include; musical instruments, music, a car or a dog wash.

Need: A need is something required for means of survival. Needs include shelter, food, water and even clothing.

Consumers: are people who purchase goods and services from firms.

Producers: are firms and people who make goods and provide services in a market.

Market: A market is a platform where consumers and producers interact for the purpose of exchange. [We will go into more depth in markets soon.]

Demand: demand is the quantity of a good or service consumers are willing and able to purchase at a certain time, place and price.

Supply: supply refers to the amount of a good or service that all firms in a market are willing to produce for a certain price and at a particular time and place.

Circular flow of income

Here is a simple model of the circular flow.

[Will finish off later going out]

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kingcalinFeb 22, 2019
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hey, thanks for doing this.

could you do a little touching up on the topic of taxes? it's always kinda hazy to me and i'd like to know a little more
zambiFeb 22, 2019
where's the stfu poll option
mssbookloverFeb 22, 2019
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thank you i am learning lots
deletedFeb 22, 2019
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Guys i thought we all knew price is determined by the amount of need or want of a product in an economy. Take the silver trade from the 16th to 18th centuries. The chinese wanted silver, and everyone else wanted trade with china bc the chinese were fcking geniuses. So they made everything cost silver so theyre government had silver so they could buy and trader from china. maybe i dont know what im talking about and maybe that was a currency lesson but it doesn't matter bc im a cheese and cheese shouldnt talk
ICouldBeYourDadFeb 23, 2019
its actually determined by demand which is different from a want and how much a producer is willing to supply.
ICouldBeYourDadFeb 23, 2019
kingcalin
hey, thanks for doing this.

could you do a little touching up on the topic of taxes? it's always kinda hazy to me and i'd like to know a little more
I can do that yea
What should I cover next?

Student role

Here!
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