A reformed Ricky gets some bad news in advance of his 30th birthday party. Economic Lowdown Podcast Series > Costs of Production and the Shutdown Decision - The Economic Lowdown Podcast Series “There’s no such thing as a free lunch.” Maybe you’ve heard that before. The Economic Lowdown podcast series is produced by the Economic Education department of the St. Louis Fed for high school and college students. Opportunity cost is the cost of a foregone alternative. In… Well, it may not have cost you in terms of money, but any situation which forces you to make a choice results in an opportunity cost. Imagine that the friendly neighborhood pizza restaurant set up a table full of pizza boxes outside your school about lunchtime and put up a sign that said Pizza and soda $0.00. The people who own the wood, the tools, and the labor want something in return for their use because they have other ways they could be used. The Economic Lowdown podcast series is produced by the Economic Education department of the St. Louis Fed for high school and college students. Demand This episode … Unexpectedly, he announces that he will resign if there is not a 90% voter turnout. Scarcity prohibits you from saving and spending the same dollar, you must choose. Charles relishes his status as a new fan favorite, but learns he may face … c. Describe how wages or salaries are determined in the labor markets. Mary C. Suiter, PhD Recognizing the opportunity costs of your decisions can help you make more informed choices. Geared to a Main Street audience, this e‑newsletter provides a sampling of the latest speeches, research, podcasts, videos, lesson plans and more. The series covers topics in economics, personal finance, banking and monetary policy. The study of economics begins with the concept of scarcity. So the reason there is no free lunch is that your choice to eat pizza out on the sidewalk in front of your school means that you are giving up the opportunity to dine elsewhere, such as a local burger stand. (factor of productions) What are the 4 types of resources? This short course is designed to help you apply the idea of opportunity cost to the decisions you make. Opportunity Cost - The Economic Lowdown Podcast Series, Episode 1 The second episode of our podcast series, The Economic Lowdown, discusses the building blocks of the economy, the factors of production. Graphic Design In this episode of the Economic Lowdown Video Series, economic education specialist Scott Wolla explains how the production possibilities frontier (PPF) illustrates some very important economic concepts. St. Louis Community College Central Banker: News from the St. Louis Fed, In Plain English: Making Sense of the Federal Reserve, Economics and Personal Finance Glossary and Flashcards, Materials and Videos from Featured Events, Center for Household Financial Stability HOME, Manuals, Regulations, Laws & Other Guidance, Learn more about Econ Ed at the St. Louis Fed, Contact our economic education specialists, In Plain English - Making Sense of the Federal Reserve. Aired: Oct 02, … ... thus giving you and your students the opportunity to discuss key economic concepts in the virtual classroom. In the second episode of the Economic Lowdown Video Companion Series, economic education specialist Scott Wolla explains the concept of demand. In the end, students see how economic principles affect the … Land 2. labor 3. Bonus : Ballers: Season 2 Trailer . (Only show video through 2:44. to get started. A chance for the greatest victory in history - but also an intriguing opportunity for his opponents. Author Mike Gaffney This episode describes how businesses consider costs when making decisions – including about whether to shut down. The newly elected chairman of the Independence party, Benedikt, has formed an alliance with the social democratic alliance for the upcoming elections. Learn more about the Econ Lowdown Teacher Portal and watch a tutorial on how to use our online learning resources. The podcasts use clear, simple language to describe the economic concepts presented. This condition of limited resources to meet unlimited wants leaves us in a situation in which we must constantly choose which of our wants we will seek to satisfy. Scholars research the concept of supply and demand and its overall impact on the balance of the consumer market. Or you’ve even said it. The Minister - Episode 1 The Minister . 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