Question

Consider the big economic questions. What questions are answered in the following situations? When Nike decides to produce running shoes by using more capital and less labor, it is answering ______ question. When Gap decides to produce athletic wear rather than business suits, it is answering ______ question. A. a how; a what B. a how; a for whom C. an if; a what D. a how; a when Whether Gap gets a larger profit or its workers get higher wages is ______ question. A. a for whom B. a scarcity C. an inefficient D. a why 

          Consider the big economic questions. What questions are answered in the
following situations?
When Nike decides to produce running shoes by using more capital and less labor, it is
answering ______ question.
When Gap decides to produce athletic wear rather than business suits, it is
answering ______ question.
A. a how; a what
B. a how; a for whom
C. an if; a what
D. a how; a when
Whether Gap gets a larger profit or its workers get higher wages is ______ question.
A. a for whom
B. a scarcity
C. an inefficient
D. a why
Show more…
Consider the big economic questions. What questions are answered in the following situations? When Nike decides to produce running shoes by using more capital and less labor, it is answering question. When Gap decides to produce athletic wear rather than business suits, it is answering question. A. a how; a what B. a how; a for whom C. an if; a what D. a how; a when Whether Gap gets a larger profit or its workers get higher wages is question. A. a for whom B. a scarcity C. an inefficient D. a why

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Consider the big economic questions. What questions are answered in the following situations? When Nike decides to produce running shoes by using more capital and less labor, it is answering question. When Gap decides to produce athletic wear rather than business suits, it is answering question. A. a how; a what B. a how; a for whom C. an if; a what D. a how; a when Whether Gap gets a larger profit or its workers get higher wages is question. A. a for whom B. a scarcity C. an inefficient D. a why Consider the big economic questions. What questions are answered in the following situations? When Nike decides to produce running shoes by using more capital and less labor, it is answering question. When Gap decides to produce athletic wear rather than business suits, it is answering question. A.a how;a what O B.a how;a for whom O c. an if; a what O D.a how;a when Whether Gap gets a larger profit or its workers get higher wages is question. O A. a for whom O B.a scarcity O c.an inefficient O D.a why
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Transcript

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00:01 So let's talk about micro versus macro, right? at a very basic level, micro deals with markets that are only a small part of the economy.
00:09 Macro deals with markets or situations that are in a large part of the economy.
00:14 So the first one, econ v.
00:17 Marketing majors, is a micro issue.
00:20 Why is this a micro issue? because they are a small part of the economy, right? marketing majors versus econ majors is only like one or two percent of the economy.
00:29 If econ majors started earning 10 % more than marketing majors, it wouldn't completely disrupt the economy, right? ipad production.
00:41 Again, on the micro side, ipads are just not that big a part of the national economy, right? that is a micro issue.
00:50 Ipads are a very, very tiny slice of the entire economy.
00:54 Think about how much stuff is in the entire economy, right? we have to buy food and houses and cars and electronics.
01:00 And furniture, pay for university, right? ipads, you know, nobody is spending 50 % of their income on ipads.
01:08 Unemployment in recession is a macro issue because the labor market is a massive market.
01:15 Almost everyone is in the labor market, right? anyone with a job or anyone thinking about getting a job is connected by the labor market.
01:21 The labor market is the biggest market in the economy by far.
01:25 It affects almost everyone.
01:27 And that makes it a macro issue, right? prices and money supply...
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