Consumer and Producer Surplus!!!!

Consumer Surplus is the different between the price that the consumer prepared to pay and the actual price paid.

Producer Surplus is the difference between what producers are willing and able to supply a good for and the price they actually receive.

Diagram:

Bath University

what's a cool Vietnamese guys!!!!! =))

today we went to the Bath University, even we spend 2 hours to do nothing in the Bath city, but we still have a lot of fun!!!!!!!!!

it's me! :P

Ken like what's up guys? :))

look like he wants to find a toilet! =))

Oh Lex! he's dancing =)) =))

now he's being normal! :))

what's is Lex doing? =))

he was decide to bee here or not? =))

then he went over there to bee =)) =))

ok good morning lady and gentleman, today we gonna look up the AS economic test 1:

1/define the economic problem? (4 marks)

2/ Explain 'capital' as a factor of production? (5 marks)

3/ define 'factor endowment'? (5 marks)

4/ using a diagram explain 'opportunity cost'? (7 marks)

5/explain how 'specialisation lies at the heart of the modern global economy'? (5 marks)

6/ list four risks of specialisation? (4 marks)

7/ define 'developing economy'? (3 marks)

8/ define 'economic system'? (3marks)

9/ using a diagram showing supply and demand, explain what happens to the market for steel if
demand for cars falls? (7 marks)

10/what is the difference between derived demand and composite demand? (4 marks)

11/ using the diagram to show how demand for beef rises, this affects the market for leather? (6 marks)

12/ what is joint supply? (3 marks)

13/ who is the Prime Minster of UK? (2 marks)

14/what is Chris's favorite word? (2 marks)
DAILY _ _ _ _

alright the answers will at the comments, if anyone wants to try, you're more welcome to!!!!!!

Demand and Supply!!!!!

hey the AS students should watch it and understand this video ( completely copy from the Chris's blog)

ok the detail of the video is: when demand increases supply extenses, and when demand decreases supply contracts. If supply increases demand extense, and supply decreases demand contracts. Increasing is shift to the right and Decreasing is shift to the left. Contract and Extense are a moverment alone the curve.

natural calamity!!!!!!!!!!!

if you read the news, you'll see the natural calamity is affect a lot to the South East Asia countries( such as Vietnam, Indonesia, Philippine...). Especially, it happen at the same time or the day near it. it killed a lot of people and destroy a lot of houses. such as the Ketsana's storm killed at least 293 people and made 736.000 people left their house in Philippine.
i think it's gonna affect the economics go down, because of it, the government have to spend money to help the victim of the natural calamity, and to rebuild those houses that the natural calamity has destroyed. If they want to do it, they have to increase the taxes to get more money, then the unemployment is inflation, so the economic could go down.