Finish reading Chapter 1.....
Then answer the following questions below (in your OWN words...do not copy others answers)(answer in the comment area below!)
1. Describe the paradox of value
2. Explain how the circular flow of economic activity generates wealth in an economy
3. Identify two ways to increase productivity
1. The paradox of value is when something we need to survive cost a lot less then something we want. For example water is very cheap, but diamonds are very expensive.
ReplyDelete2. The flow of economic activity generates wealth in the economy because money starts spreading around, and everyone gets some amount of money. Supply and demand is a big factor in this, because people need things every day and there are people that will sell you what you want every day. So money will get spread around because of supply and demand.
3. You can increase productivity by making more factories, and by hiring more people because if there are more people things get produced faster. Or you can put machines in factories and less people to produce things faster.
1) The paradox of value is how different things have more value than others. The main reason for this is the amount of a certain (thing) in an area. The more rare something is, the more valuable it is such as diamonds.
ReplyDelete2) The circular flow of the economy runs through producers and consumers that trade money and goods in a perpetual flow. The more quick and efficient the welath flows, the wealthier an area becomes.
3) When something can be increased by a great amount using less resources than before, productivity is greatly increased. When more efficient resources are used to make goods, productivity is increased also.
1) The paradox of value is the observation that good or articles critical to life are very cheap and others that have no meaning are very expensive.
ReplyDelete2) In markets for products, businesses usually are the suppliers and households usually are the demanders. businesses give money to households in exchange for economic resources used as factors of production. This circular flow of economic activity generates wealth for both business when they sell products and households when they earn a salary.
3) To increase productivity companies should use machines and automating processes and also to improve teamwork.
1) The paradox of value is how some things we need for survival are cheap and other things we dont really need are expensive.
ReplyDelete2)The circular flow of the economy generates wealth to areas where money is flowing and where things are being bought and sold.
3)To increase productivity you can hire more people or you could hire machines to produce more goods at a faster rate.
1) The paradox of value is when the value or price of a non necessity is higher than the value or price of a necessity
ReplyDelete2) The circular flow of the economy helps keep money flowing in areas through the purchasing and selling of the economy.
3) Two ways to increase productivity is to invest in human capital and to invest in machinery that may be more efficient and cheaper than using labor.
1)The paradox value is when necessities have little monetary value and non-necessities have a much higher value.
ReplyDelete2)The circular flow of economic activity generates wealth in an economy by markets and an increase in productivity. Markets allow buyers and sellers to exchange a certain economic product.
3) Two ways to increase productivity is division of labor and specialization.
1) Paradox value is when goods critical to life such as water are very cheap whereas others which have no meaning on human existence are very expensive.Paradox is explained by the law of supply and demand. When there is little of something, it is hard to find, that is why it is more expensive.
ReplyDelete2)The flow of economic activity generates wealth in an economy by markets for products, a business supplies and the consumers are the ones who demand. Supplier gives money to the consumer in exchange for resources. This circular flow of economic activity generates wealth for both suppliers when they sell products and consumers when they earn a salary.
3)Two ways to increase productivity is focusing on the production of a limited area of products or services in order to gain greater productive efficiency within the entire system of businesses or areas. Another way to increase productivity is human capital which is a measure of the economic value of an employee's skill set. This measure builds on the basic production input of labor measure where all labor is thought to be equal.
Dennis Nee
ReplyDeleteThe paradox of value is when economists knew that scarcity was necessary for something to have vaule. Such as diamonds are very high vaule.
The flow of economic activity can be described as factor markets, and product markets. These markets allow buyers and sellers to exchance specific products creating a flow of economic actvity.
Two ways of increasing ecnomic activity is by productivity and investing in human capital. Productivity is measure of the amounts of goods and services produced with a given amount resources in a specific period of time.
1. The paradox of value is an apparent contradiction between the high value of a nonessential item and the low value of an essential item.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy by trading; purchasing and selling.
3. Two ways to increase productivity is human capital and division of labor.
CONNOR SMITH
ReplyDeletethe paradox of value is articles or goods are criticle to life such as water, are very cheap.And others which have no meaning to human life such as diamonds are very expensive, the law of supply and demmand.
The flow of economic activity generates a strong economy buisness owners and consumers demmand goods.
2 ways to upgrade productivity is focusing on human capital ( the measure of economic value of an employees skill)builds on basic production, the second way is the division of labor.
Shniece Archer
ReplyDelete1. Paradox of value is what a specific value of an item is. When the apparent contradiction between the high value of a nonessential item and the low value of an essential item.
2. The flow of economic activity runs through wealth in an economy by making or producing more goods and services.
3. You can increase economic activity by making sure the people are satisfied and good.Strong and productive investments increase productivity. Human capital measures the economic value of employee's skills over time.
1. The paradox of value describes how necessities such as food and water are less valuable than non necessities such as electronics and luxury cars.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy when producers and consumers trade goods and services. this helps the economy grow.
3. Productivity can be increased by human capitol and the division of labor.
1 The paradox of value is a paradox principle that defines relationship between demand, supply, and prices.
ReplyDelete2 The circular flow of economic activity generates wealth in an economy by producers trading their goods for services by the consumer.
3 Two ways to increase productivity is buy really efficient to produce more goods or hire more workers
1. The paradox of value refers to the way that scarcity adds value to things. If there is a less amount of something, it becomes more valuable.
ReplyDelete2. The circular flow diagram shown in the textbook shows how money flows through companies and consumers. Goods and services are traded in a circular motion in an economy.
3. By decreasing resource amount, and still making the same amount of goods, productivity is increased. Also, by making goods with more efficient resources productivity is increased.
1. The paradox of value (also known as the diamond–water paradox) is the apparent contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market.
ReplyDelete2. The circular flow of economic activity is a model showing the basic economic relationships within a market economy. It illustrates the balance between injections and leakages in our economy.In markets for products, businesses usually are the suppliers and households usually are the demanders. businesses give money to households in exchange for economic resources used as factors of production. This circular flow of economic activity generates wealth for both business when they sell products and households when they earn a salary.
3. Use business strategies such as Six Sigma to improve quality and productivity
Value employee, customer, supplier and business partner feedback and input regarding solving product or service problems.
1) paradox of value is the apparent contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market
ReplyDelete2) In markets for products, businesses usually are the suppliers and households usually are the demanders. businesses give money to households in exchange for economic resources used as factors of production. This circular flow of economic activity generates wealth for both business when they sell products and households when they earn a salary.
3) two ways to increase productivity would be to have more factories in order to have mass production and to learn how to use money wisely so you know where you are headed.
1) The paradox of value is how different things have more value than others. The main reason for this is the amount of a certain (thing) in an area. The more rare something is, the more valuable it is such as diamonds.
ReplyDelete2) The circular flow of the economy runs through producers and consumers that trade money and goods in a perpetual flow. The more quick and efficient the welath flows, the wealthier an area becomes.
3) When something can be increased by a great amount using less resources than before, productivity is greatly increased. When more efficient resources are used to make goods, productivity is increased also.
1.paradox of value: Why is it that some items that have relatively little use to society, such as diamonds, are extremely expensive, whereas others that are vital, such as water, are inexpensive.
ReplyDelete2.The Circular Flow is expenditures from individuals become businesses income, and businesses income becomes income of individuals.
3. teamwork and productivity of goods.
1. Paradox of value is the apparent contradiction between the high value of nonessential item and the low value of an essential item.
ReplyDelete2. The circular flow diagram shows the high degree of economic interdependence in our economy. the factors of production and the products made from them flow in one direction. The money consumers spent on goods and service flows in the opposite direction.
3. Two ways to increase productivity is through division of labor and specialization.
1. The Paradox of value addresses why absolute necessities such as water are valued (priced) so cheaply, while frivolities like diamonds are highly valued and command outrageous prices.
ReplyDelete2. The circular flow of the economy is shown from a diagram that proves that when people have money they will spend their money on everyday things that they need and even want. It refers to supply and demand. The consumer will trade with the supplier for their good so the wealth is being moved around in the diagram.
3. Two ways to increase productivity is to use machines or hire more people based on their human capital. Also if you use less resources to make a product, you will be able to make more of your product for less.
1) paradox of value is the contradiction between the high value of nonessential item and the low value of an essential item.
ReplyDelete2) The circular flow diagram shows the high degree of economic interdependence in our economy.
3)Two ways to increase productivity is through division of labor and sepcialization.