Tutor profile: Rebekkah M.
What is economics and how does it impact my everyday life?
Economics at its core is simply there are unlimited wants and limited resources. Put differently there are unlimited demand and limited supply. When you are at a store and trying to check out and there are only one checkout lane open but there are 10 people in line. Once, a second checkout lane opens, people will move to the second checkout lane until check out is not any faster by going to lane one or lane two. This point is what in economics we call equilibrium.
Using Macroeconomic theory would slavery continue in America if it was legal?
Slavery would not continue in the United States because the borders of entry were becoming increasingly high. The introduction of the industrial revolution increased cotton production without the use of slaves. If slavery continued, the south would not be able to keep up with the agricultural technology of the north with the increase of slaves. Due to the cost of maintaining slaves was far higher then maintaining the technology of cotton production. Eventually the technology would have made owning slaves obsolete and inefficient.
What does it mean when something gives us utility and what is a util?
Utility is the amount of enjoyment or perceived sanctification you receive from consuming a good. The unit of measure for utility is called a util. A util is different for each person. For example the enjoyment I get from drinking a cup of coffee might me higher then the next person who drinks the same cup of coffee. So, utility is not a constant unit of measure.
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