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 refers to the contradiction that some things that are needed have a lower monetary value than the things that are wanted, such as diamonds.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy because it promotes economic growth. Economic growth occurs when a nation's total output of goods and services increases over time. This means that there are more goods and services flowing in one direction and payments in the other. This leads to more wealth in an economy.
3. Investing in human capital can increase productivity, and division of labor and specialization can improve productivity.
1. The pardox of value is the apparent contradiction between higher values of nonessential items and low values of essential items.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy in different ways. By generating wealth, it promotes the economic growth. The main feature of this circular flow is the market. The market is a location that allows buyers and sellers to exchange a specific product. This growth usually occurs when the goods and services increase. When there are more goods and services produced in the economy, then there is more wealth in the economy.
3. Two ways in which you can increase productivity is by, investing in Human Capital and Division of Labor and specialization. These two ways can increase the productivity in the economy.
1. The paradox of value is the fact that things people need cost more than things that are unnecessary.
ReplyDelete2. The circular flow of economic activity generates wealth because all four parts (factor markets, businesses, product markets, and individuals) are giving and receiving resources, products and payments. This constant movement gives markets and businesses the income to pay their workers, who will then spend their money buying products from companies that will use these payments to create new products for the cycle to continue and grow.
3. Two ways to increase productivity are by investing in human capital and division of labor. Human capital will fund the education process and teach future workers to do their jobs, and keep them healthy enough to focus.
1. Adam Smith observed necessities and non necessities and compared their values. His observation concluded this, water which is a necessity had a low value, diamonds which is a non necessity was the opposite and it had very high value. He called this contradiction the paradox of value. Scarcity is necessary for something to have value.
ReplyDelete2. The wealth that an economy generates is made possible by the circular flow of economic activity. The key features of this circular flow are the market and wealth. The location that buyers and sellers to exchange a specific product (market) and the products that are tangible, scarce, useful, and transferable from one person to another (wealth).
3. You can increase productivity by investing in Human Capital and Division of Labor and specialization.
1. The paradox of value refers to the contridiction between the high monetary value of a nonessential item and the low value of an essential item.
ReplyDelete2. The Circular Flow of Economic Activity is broken up in four parts (Individuals, Factor Markets, Businesses, and Product Markets). Since all four factors have to spend and receive money, businesses and markets can continue paying their workers(individuals) then they will spend money on their wants and needs. Therefore the cycle will go on.
3.Investing in Human Capital and Division of Labor and Specialization can increase productivity.
1. The paradox if value is the observation that articles or goods critical to life are very cheap, whereas others which have no bearing on human existence are very expensive.
ReplyDelete2. The circular flow of economy generates wealth in that if corporations and smaller companies can keep a steady flow of goods and services to their consumers, these consumers will keep coming back for more. Which will turn a profit for the companies and keep the buying and selling cycle flowing.
3. To increase productivity the quality and quantity of many different goods and services provided to the public must be regulated to a point in where you don't have to cut costs and a company can generate quality goods which will turn a higher profit.
A paradox values are some necessaryand very low monetary value.
ReplyDeleteThe circular flow of the economy are factors of a business that deals with large corporations, run banks and proleum refineries. As well as making a profit through good service and your flow through business.
Productivity can be increased by producing more with same amount and as well as the measured amount of goods and service produced with given resources in a certain amount of time
1. Paradox values is the apparent contradiction between the high value of a nonessential item and the low value of an essential item.
ReplyDelete2. The circular flow of the economy generates how the economy is doing. It shows the high degree of economics interdependence in our economy. The factors of production and the products made from them flow in one direction. The money consumers spend on goods and services flow in the opposite direction. Its connects individuals and businesses.
3. Two ways to increase productivity is to increase more of an item with the same amount of resources. Investing in human capital and division of labor is another way to increase productivity.
Paradox of value is just a way that people think, making pointless pretty stuff more expensive than things you need. Sure, rarity (unicorn LOL) is a factor, but if you really don't need something like diamond, then why is it so expensive?
ReplyDeletePeople print money, people work for money, people buy stuff with the money, the people that sell stuff get the money, and they use the money to buy more materials that they use to make the things they produce to sell to the people that buy their products. So money keeps getting printed, money keeps being spent, and everybody's happy because everybody's making money.
Why do we need to increase productivity? o.o it's fine the way it is if you ask me, if we didn't have super-industrialized society now we wouldn't have school! :D
We could increase productivity by developing things that could make things faster (robots, supermachines, etc..). Or you can shuck people around asking for sponsors and investors to help give money to make more things.
1) Paradox value means price of goods have value in exchange is more than price of good have value in use
ReplyDelete2)The 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 in a product or in anything is to increase the resources to make the good and also to increase the labor of people working, the more people working the more results occur
1) The paradox of value is a contradiction that AdamSmith had come up with after he observed how the markets worked.
ReplyDelete2)The circular flow of economic activity generates wealth in an economy mainly from the market, it allows buyers and sellers to exchange specific products and exists all over the world and included the internet.
3) Productivity can increase whenever a company can produce the same amount of product in a fast time under the same amount of capital and labor. Two ways that you can increase it threw is division of labor and specialization.
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 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 value is the Observation that articles or goods are critical to life (such as water) are very cheap, whereas others which have no bearing on human existence (such as diamonds) are very expensive. This paradox is explained by supply and demand.
ReplyDelete2.the circular flow of economic activity generates wealth in an economy because when,businesses give money to households in exchange for economic resources used as factors of production. This circulates flow of economic activity than generates wealth for both business when they sell products and households when they earn a salary.
3.two ways to increase productivity would be, one labor productivity, this is simply output divided by the number of workers or, more often, by the number of hours worked. secondly would be, to invest in human capital,the stock of competencies, knowledge, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.
1. The paradox value refers to how some necessities such as water, had a very low monetary value. While some necessities such as diamonds had a very high value. This term was coined by Adam Smith.
ReplyDelete2. The circular flow of economic activity refers to the fact that with more factors of production, goods, and services flowing in one direction and more payments in the opposite direction.
3. Two ways to increase productivity are;
1) The more labor that is done in a shorter amount of time, or that produces more product.
2) More product created in the same amount of time.
1. Adam Smith created the term, "The paradox value", which means some needs have a low money value and wants may have a much higher money value even though it isn't nessecary to have them
ReplyDelete2. The economy works in a circular flow, this means with more goods and services there may be a better economy and payments may be lower, vice versa. Less goods and services means higher costs.
3. Two ways to increase productivity:
1) when scarce resources are used wiser, and less frequently
2) when the pay for labor workers is higher and better.
1: the paradox of value is simply that the things that we need cost more then the things that we get that we don't really need....
ReplyDelete2: The circular flow of economic activity generates wealth in an economy by: promoting the growth of the economy, money is a huge factor in economic activity..
3: Two ways to increase productivity are by investing in human capital and investing in the division of labor..
1. This is the difference in values of things that you need vs. the value of things that you don't need .
ReplyDelete2. The circular flow of economic activity generates wealth in an economy mainly from our market. This is also played by how much people are spending and trading in the economy that goes to buy goods that producers need to make in order to fulfill the demand and make money.
3. Two ways they can increase productivity are Investing in human capital and division of labor.
1. The paradox of value is when things that we need are higher in cost than the things we don't need as much. For example Although water is more useful and essential in terms of survival than diamonds, diamonds cost more.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy based on consumers and producers. They determine the outcome of how the economy works based on how much they spend and the supply and demand. Our economy affects everyone in some way.
3.Two ways to increase productivity is by increasing resource quantities and division of labor.
1. The paradox value is that some things that we need can be very cheap, while things we don't need, like jewels for example, can be very expensive.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy by producing more goods and factors of production. It also helps to promote the growth of the economy.
3. Two ways to increase productivity is to invest money and division of labor.
1. The paradox of value, is that the necessary things in life are easier to purchase vs. those things that we do not need to survive with, are more expensive.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy, by producing more goods and services, when the people need them. People will always need things, so it will always go on.
3. Two ways to increase productivity, is increasing the amount of resourses and to use machinaries to get jobs done.
1. The paradox of value is how different things have more value than others. The more rare something is, the more valuable it is. Aswell as the more we need something the cheaper it is(water), the more we "want" something that we dont necessarily need the more expensive it is. (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 wealth 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 how markets work ; things that are scarce have more value and things we need, like water, has less value because we're constantly getting it.
ReplyDelete2.The circular flow of economic activity generates wealth in an economy by producing an abundance of goods and services. It promotes the growth of the economy.
3.Two ways to increase productivity is to increase the resources and division of labor
1)Adam Smith was on of the first people to describe how markets work. He observed that some necessities, such as water, had a very low monetary value. On the other hand, some nonnecessities, such as diamonds, had a very high value. Smith called this this contradiction the paradox of value.
ReplyDelete2) The factors of production and the products made from them flow in one circular motion. The money sonsumers spend on goods and services flows in the opposite direction.
3) Productivity goes up whenever more can be prodcued from the same amount of resources. Productivity also goes up also from investments in human capital.
1) The paradox of value is the concept that things that are wants have more value than things which we need to sustain life.
ReplyDelete2) The circular flow of economic activity generates wealth in an economy because the money that is paid by consumers is awarded to businesses to create an income and flows back and fourth. Money is constantly circulated.
3)Two ways to increase productivity would be to increase the amount of resources available and dividing labor equally.
A pardox of value is the contradiction between somethings that are expensive that are wanted and the things that are less expensive things that are wanted.
ReplyDeleteThe circular Flow of economic activity generates wealth in the economy in various ways. When there are more goods and services that are produced in the economy the more wealth there will be in the economy.
There are two ways in which you can increase productivity-you can invest in human capital and division of labor and specialization.
1. The paradox of value is the contradiction that things that are necessary to survive like water are valued less than things we don't need to survive like TV,s and cars
ReplyDelete2. The circular flow of the economy generates wealth because if the people with wealth invest in their community their will be more products goods and services is the economy with produce wealth
3. The two ways to increase productivity is to invest in education and public works projects.
1. The paradox of value is when something is necessary for survival like water is cheap, but things like diamonds that are scarce and valuable are much more expensive.
ReplyDelete2. The circular flow of the economy generates wealth because investors are constantly spending money to produce goods and provide services and gain proftis.
3. Invest in human capital and resources
1) The paradox of value is when something that is necessary for human life being cheap, and something not necessary like diamonds, and other precious metals being more expensive.
ReplyDelete2)The circular flow of the economy generates wealth because when a business has a product and a consumer pays for that product the business gets that money and it flows back and fourth.
3)Two ways to increase productivity would be to increase education and increase the amount of resources.
1. the paradox of value is that items that we need and are necessary for survival dont cost as much as some items that are just wants such as cars.
ReplyDelete2. The circular flow of economic activity generates wealth in the economy by the market.For example they produce the goods that people need and want and the money goes back into the economy.
3. Two ways to increase productivity is by hiring more skilled workers and having more machines in the factories.
1. he Paradox of Value when resources that are need for survival cost less then resources that are not essential to our survival.
ReplyDelete2. The Circular Flow of Economic activity helps to generate wealth in the community. When more goods and services are available more money is exchanged and put back into the community.
3. A way to produce productivity is to hire workers who are trained in the task they are doing, and using equipment that is efficiant.
paradox value is when neccesities required for survival cost less while wanted items such as sneakers cost more.
ReplyDeleteThe circular flow of economic activity generates wealth in the economy and it produces prosperitry within the economy and helps manage the economy and the way it works.
two ways to produce productivity is to accept more unemployed people and use machines more to create more products.
Elijah Vazquez
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.
3) create more jobs and hire more people.
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.
1) the paradox of value is essential because it is the contradiction between the high value of a nonessential item vs the low value of an essential item.
ReplyDelete2)in the economic world certain events spur what our economic system is and how it works. As jobs increase and sales stabilize we have a stable economic system, if any changes were to occur and disrupt the economic system our balance and flow would be horrible.
3) 1st balancing our government spending would be our main priority there is like billions of dollars on benefit cards etc that drain the money out of the rich and middle class we honestly have to eliminate the lower class.