Economics: Difference between revisions

704 bytes added ,  13 October 2021
(→‎Supply & demand: Say's law)
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* aggregate supply  
* aggregate supply  
=== Supply & demand ===
=== Supply & demand ===
* Say's Law
** from Jean-Baptiste Say, "A Treatise on Political Economy" (''Traité d'économie politique''), 1803
* states that production is the source of demand
** production = making things, providing services or things of value)
** i.e, demand for things necessarily follows their production or offering
*** demand may pre-exist something, but nothing of value is exchanged until that thing is produced and offered
** Say's law is criticized for ignoring "gluts" (supply exceeds demand) and monetary impacts (such as inflation or deflation, which can impact demand outside of supply)
* in general, Say's law correctly identifies the source of exchanged value: something must be offered for value
=== Tragedy of the Commons ===
=== Tragedy of the Commons ===


== Lesson Plans ==  
== Lesson Plans ==  
* [[Economics & ethics lesson plan|Economics & ethics lesson plan]]
* [[Economics & ethics lesson plan|Economics & ethics lesson plan]]