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 was created by Adam Smith, he was the first person to describe how to make and to start markets.Adam watched some of the necessities, such as water, which has very low value, but some other nonnecessities, which was Diamonds, had a very high Value. Adam called this paradox of values. Paradox of value, means contradiction between high and low values that are limited.
ReplyDelete2)The circular flow of economic activity generates wealth in an economy which are:
-Product markets:good, service
-Individuals: land, capital, labor. and Entrepreneurs
-Factor Markets: they buy , productive, resources
-Businesses: goods, services
3)The two ways to increase productivity is
1)Human Capital: is the sum of people skills, abilities, and health.
2) Division of labor: is when a way of organizing work so that each individual worker completes a separate part of work.
1) the paradox in value is the ironic pricing of wants compared to needs. Where things that are essential, like water, can go for a dollar a bottle, but things that are not needed like jewelry, can go for hundreds of dollars.
ReplyDelete2)This circular flow of economic activity generates wealth for both business when they sell products and households when they earn a salary, the businesses are the suppliers and the households are the demanders, and through trade of business or supplies for money, taxes met for the trade or given to the government as well, which gives the country's economy, the people, and the businesses a thriving economic stand point and benefiting all three
3) To increase productivity, influence must be presented to the people so that a goal is set to thrive and do better through more work, another way is through benefiting workers such as those with pensions and retirement medical aid for themselves and family for their services
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.
1.) Paradox of value is the observation that needs or goods (water) critical to life are very cheap, and wants have no bearing on human existence (diamonds) are very expensive. This paradox is explained by the law of supply and demand.
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 are divisions of labor and motivate yourself.
1) The paradox of value is the observation of how human necesites such as water and food are surprisingly low compared to things that are of no need like exotic cars and designer clothings, which can go for thousands of dollars.
ReplyDelete2) The circular flow of economic activity generates wealth through buisnesses selling goods they get through distributers, to consumers. This process is ongoing because the consumer will always need goods.
3)Two ways in which productivity can be increased is through increasing quality of service/goods and increasing capital such as workers and machinery. The more capital a company has, the more goods can be produced, making them cheaper and more affordable for the consumer.
1) The paradox of value 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 economic activity is the wealth that an economy generates. The key feature of the circular flow is the market which is a location or other to exchange a specific product. Markets may be local, national or global and they can even exist in cyberspace.
3) Human capital is the sum of people's skills, abilities, health, knowledge and motivation. It is a major contribution to productivity. Division of labor is a way of organizing work so that each individual worker completes a separate part of the work. This also improves productivity.
-Alex Kaufman
ReplyDelete1) The paradox of value is the relation between wants and needs. It consists of examining survival needs (which are inexpensive), and the objects that people desire to possess (which happen to be valuable). This study is relevant to the theory of supply and demand.
2) The circular flow of economic activity generates wealth in an economy by business acting as suppliers and homes playing the role of demanders. Businesses grant money to homes in return for economic resources (factors of production). The flow continues as businesses sell their goods while people receive incomes.
3) Two ways to increase productivity are encourage, motivate, reward, and recognize co-workers and your company. Also, have the state of the art tools and equipment in order to complete a job efficiently and precisely.
1) The paradox of value are observations that articles or goods critical to life such as water that are cheap, where as others which have no bearing on human existence such as Gold that are very expensive.
ReplyDelete2)The circular flow of economic activity generates wealth in an economy by the movement of income from producers of goods and services to consumers, and back to producers.It shows where money goes and what it is exchanged for such as households,businesses and governments.
3) Two ways to increase productivity would be to use machines or automating processes and to improve teamwork with the same amount of work that can be done by fewer workers.
1. Paradox of value tries to explain why particular good that are important to human’s survivability such as water tends to have lower prices than those that are as a luxury products which tend to be more expensive such as diamonds.
ReplyDelete2. The circular flow of economic activity generates wealth within the economy by Businesses supply and markets demand, and then businesses give money to the markets in exchange for resources.
3. Two ways to increase productivity is by people can invest in their education and invest in training and other programs that improve the skills of their workers.
1. the paradox of value explains that items that are more important in order for people to survive are lower than just basically the things that we want like more luxury products.
ReplyDelete2. the circular flow of economic activity generates wealth within the economy by Business supply and then what the market needs and the businesses give the money back to markets eventually to buy their resources.
3. two ways to increase productivity is that people can invest in things such as education and improving their abilities and use all machines to make items to increase the speed of goods being made.
1. Paradox of value explains that items that we need to survive are lower in numbers then things that we want or that are luxurious products.
ReplyDelete2. The circular flow of the economy's activity wealth with the use if business supplies, as well as goes off what the market actually needs and because of this the businesses pay back those people to use their resources to create things for wealth.
3. Increasing education through better facilities and teachers could be a productive way to use money as well as people are behind it and invest in it. Another thing that would be good investing in would be training programs for jobs to help create more jobs
1. The paradox of value is when something we want, but do not really need is higher priced, than something we need to survive.
ReplyDelete2. The circular flow of economic activity generates wealth in an economy by supply and what the market needs. The businesses give money back to markets so they could by resources.
3. Two ways to increase productivity are using machines to increase the number of goods being made and investing in education to improve the skills of others.
1. paradox of value is the 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 the economy by supply and demand. The markets need for money because it produces what the people want.
3.Two ways to increase productivity is new forms of techonology and better education for the workers
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 and diamonds.
ReplyDelete2. the circular flow of economic activity generates wealth in the economy by the market. they produce the goods that people need and want and money goes back into the economy.
3. two ways to increase productivity is by hiring more skilled workers and having more machines available in the factories or work place.
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.
Simone Lewis
ReplyDelete1. Apparent contradiction between the high value of a nonessential item and the low value of an essential item.
2. These are markets where producers sell their goods and services.
3. Lower the price.
Make goods that are affordable.
1)The paradox of value, made known by Adam Smith, is the contradiction that water, which is needed for life, is cheaper than diamonds, which aren't necessary.
ReplyDelete2)The circular flow of economic activity generates wealth by consumers earning a salary, then using that salary to buy products from businesses.
3)Two ways to increase productivity are hiring skilled workers and using efficient machinery to create products.
1) The paradox of value is the observation that goods critical to life are very cheap, whereas goods not essential to life such as diamonds are very expensive.
ReplyDelete2) The circular flow of economic activity generates wealth when businesses sell products and households earn a salary.
3)Two ways to increase productivity are using machines to increase output and improving team work.
1. The paradox of value is the 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.Businesses usually supply and households usually demand. 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 are by using different types of machines to help make things faster and by hiring more workers who are educated in a specific field.
1. The paradox of value is when even though a substance is more useful and aids more in survival, something in high demand for a want will be at a higher price because it is in higher demand.
ReplyDelete2. Since businesses usually are the suppliers, households are the demanders. businesses give money to households in exchange for economic resources used as means for production. It is circular because it generates wealth for bot business when they sell products and households when they earn a salary.
3. Increasing amount of machinery to produce goods faster to create different things, and Division of labor so that each individual worker completes a separate part of work and production is more organized and more efficient.
Matt Treppiedi
Delete1) The value's paradox is a contradiction that Adam Smith had come up with after he observed how the markets worked.
ReplyDelete2)The economic activitieis circular flow 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 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.
Paradox of value-
ReplyDeleteNecessities such as water = low value
Diamonds = high value (because they are scarce)
The circular flow diagram shows wealth being produced by the path of goods going from distributors, to businesses, to consumers.
Human capital and division of labor will increase productivity.
1. Paradox of value- the way that scarcity adds value to things
ReplyDelete2. the circular flow diagram shows how money flows through the economy
3. Two things that will increase productivity are human capital and division of labor
-paradox of value- is when necesities like water sells at a low price while non necesity items like diamonds sell at a high price
ReplyDelete-the circular flow diagram- shows how money is flowed in the economy between goods and services
-two ways to increase productivity is by human capital and division of labor
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.
ReplyDelete2.2) The circular flow of economic activity generates wealth when businesses sell products and households earn a salary.
3.3. Two ways to increase productivity is by people can invest in their education and invest in training and other programs that improve the skills of their workers.
Alexandra Samosiuk
ReplyDelete1. The Paradox of Value is when a necessity has a low value while another necessity has a higher value. For example, water is a big necessity of our everyday lives. It has a low value. Meanwhile, diamonds have a much higher value.
2. The Circular Flow Diagram shows how money flows through the economy between services and goods.
3. Two things that may increase productivity are division of labor and human capital.
Alyssa Raldirez
ReplyDelete1.paradox of value is the between of the high value of a nonessential item and the low value on essential item.,
2. Circular flow of the economic generates product markets individuals factor and market business.
3. Ways of increasing productivity are the Human Capital which is a persons skill, abilities and Heath. Division of labor is another way of increasing productivity , it is a ways of organizing work so that each person can complete work.
1. The paradox of value points out the fact that things that are needed to survive cost much less than things we don't need but want. For example food and water cost much less than jewelry.
ReplyDelete2. Businesses supply money to households in exchange for economic resources that result in more production.
3. Division of labor increases productivity because it makes sure that all the workers are experts in their specific field. The establishment of more product making machines can also increase productivity if the machines are built to be faster than humans.
ashley ralsto1. The paradox of value is when we want something, but do not really need, than something we need to survive.
ReplyDelete2. The circular flow of economic activity generates money in the economy by supply and what the market needs. The businesses give money back to markets so they could buy more resources.
3. a way to increase productivity is using a machine to increase the number of goods being made and giving some to the education to improve other peoples skills.