Econ Project
Storyboard Text
- Hi, I’m Akshay!
- And I’m Karis! Welcome to MicroVille!
- Businesses give you income and wage...
- And you give them labor in exchange!
- You and your family might not know...
- But everyone is part of the Circular Flow!
- If you're curious about what you should produce...
- Trade with your friends and make a truce!
- PPCs show us what's efficient...
- On the curve is and inside isn't!
- The output cow goes "OOO"
- And the input cow goes "IOU"
- Supply goes up and demand goes down...
- At the intersection equilibrium is found!
- Knowing your elasticities would be wise...
- Demand, supply, income, and cross-price!
- A low price ceiling to protect the “takers”…
- A high price floor to protect the “makers”
- But when the government gets involved…
- Deadweight Loss is left unresolved!
- At the minimum ATC, your profits haven’t grown…
- But at the minimum AVC, it’s time to shut down!
- A monopoly is the only seller - that's where market supply comes from...
- And the barriers to entry are impossible to overcome!
- Oliogopolies rely on each other for profit...
- And when they play the "game" correctly they'll have money in their pocket!
- In the laissez-faire market, we rely on the invisible hand...
- And the potential for profit is driven by demand!
- An unintended cost or benefit is called an externality...
- And if too little is consumed the government gives a subsidy!
- We hope this book was a thriller! If you have more questions, ask Ms. Miller!
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