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AP Macro Review Session 1 (Chapters 1-5)

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Covers basic key terms, PPC, Circular Flow, Comparative & Absolute Advantage, and Supply & Demand

Show Transcript

alright guys so we are going to start reviewing this way I have our schedule that we're going to be doing this from time to time Tuesday and Thursday we are starting with this from unit one so just reminder that everything that were talking about this evening can be found in unit one of your work this is just reminding you some things that we did in class so just don't start reviewing some things of what we talked about in the past first thing we talk what time is it most basic problem in economics is this concept of scarcity the idea that individuals businesses and governments have unlimited one however resources that they have available to fill those ones for Limited  in economies you have the difference between consumer goods and capital goods that if you have a consumer good this is something that is meant for you to have direct to function you go out with friends and you go have with each other you are hot you are dealing with a consumer good you go to Target and you deal with purchasing things for your home you're by yourself a cold drink you were dealing with cancer capital goods that can we talk about are factors of production that you have the ability to consume these items but as what you're going to do that indirectly this is something that is going to be used for businesses to create the good that you can do so when we talk about capital good examples that we use in class we talked about restaurant so if you have a restaurant something like an oven would be used to create food that would be a couple good hammers to build more rest would be used as capital goods we also talked about trade-offs and opportunity costs we said that trade-offs are going to be all your possible option whenever you make a choice or things you going to have to give up whenever you make the choice to your trailer all those possible options you get up whenever you make the choice the one option that was the next best alternative for you is referred to as your opportunity call every single decision has an opportunity cost include any money time or opportunity that you have given up to be able to particular thing I want to point out that over to your iPod where you can type messages so if I go through this and you have any questions that you'd like to ask me certain things feel free to type something and I'll get to it as quickly as I we talked about three different economic system time Alan isakov three different throughout classes that are centrally planned that we talked about those that deal with Elizabeth awake we planned economies are those in which the government owns the means of production of the resources are owned by the government and they're going to decide what to make how they're going users resources get the resources they're making all these decisions that we gave examples of North Korea to be instructed on how to do things how you're going to use this particular resources when we talked about tablets and we said that in Casper the decision maker of how to use the factors of production all of that is going to be made by the consumer the government has very little involvement in the economy so ever so as a consumer you're going to instruct the businesses what to create because you are voting with your money you're letting pretty sure is no this is what I want you to make and you're going to continue to buy those particular thing the mix what is this is where most of your economic systems are going to fall Nick systems of the reason why we call the next is because you have some pieces of both the centrally planned in the free-market system you have more government involvement in the mix system than you would in the free market so there are some aspects of the US that we identify this at Phoenix because the government is more in some of the things that we choose to do so getting to the potatoes of what we talked about when we start with our production possibilities curves we said that our production possibilities curve was a visualization of opportunity cost and allowed you to see what is that you doing whenever you made a choice that a production possibilities curve shows you you have resources available to make types of good you can typically make good beans sometimes your vertical axis is identified with Good Times your whores I don't want identified with consumer goods so if identifying make more of things that we can use to make products or did you make the product that people will consume so the idea here with your concave her right here is that you're identifying that if I increase production from of if I increase production of gun I'm going to have to give up some of that quantity of butter from point A to point B increase my production done I can I can create both item I just am choosing how to you might use my resources and production of those particular items thanks if I choose to go more towards this point B the guns represent  a government spending so this is government providing more things where the butter is more consumer spending so that point in letting us identify were more along the consumer cycle government type the points b c and d right here along the curve these are all points of efficiency this is where we saying that all resources or that you have the ability to use every single thing that you have in this particular spot and there is no waste all there resources we come in here this point a this is our point of inefficiency at this point we say that we have Idol resources but if you recall in class we talked about Full Employment and he said that there will always be some level of unemployment in the United States because we cannot get rid of all types of unemployment so it's typical that you are going to have your point on your production per somewhere inside of it maybe not a sport where you going to be there we have our personal full employment for the US economy but when were inside of me that there's something that we're not able to use so when we are still left with different types of unemployment we're going to be here we may have a situation that may be battery for a car company is shutting down so we're going to move inside that car because we have resources we can use quite X recall this is impossible to maintain production at a given our current to come here it requires us to grow need to have access to more resources for us to get to this point we can work there for short periods of time we cannot stay there so this gives us an idea of where we hope to be in the future sometime whenever you are looking at your production per whenever you ask questions about it sometimes over all that second find the vet your point ex is online and they'll put arrows to the outside to show that grows if they do that still representing that growth that where we want to be currently unattainable but that her we hope to be in the actual future so there are other things that we do with production possibilities we could have something called cost of opportunity cost when you have that opportunity your prep supply curve is a straight line in this case we are choosing to refusing to make either computers or retreating to make the best if you had a production possibilities curve with a constant opportunity cost all that means is that the resources you have or easily that are between two products that you're trying to create with this being said it just means that there's no extra stuff that you would have to take to go from easy to get from one point to the next opportunity cost is that we have a chain the great addition item that I create a letter jacket I'm giving up the same amount of computers each time so according to the graphic Givenchy right here for each leather jacket you create your giving up to computers so it always adding one to two option here so you give you create one letter jacket you're giving up two computers to be able to do that so when you have constant opportunity cost you're working in that particular direction the other one is that we have the ability to have an increasing opportunity cost in this case resources are going to be easily adaptable between those two products so choosing one or the other may cause you to give up more than you originally had so it says on your screen that is each additional camera in this situation is made you have to give up more mobile phone to do it so if I go from 0 to 10 cameras I'm only giving up one mobile phone but when I go from 10 to 20 cameras I'm going to have to give up for mobile phones that have to go in that situation that is an increasing opportunity cost I have to give up more than what I chose I just said that wrong when I went from 0 to 10 I gave up probably that one when I went from 10 to 20 I gave up that one it's my go from 20 to 30 that I gave up the for my bad I read it wrong the first time but it's still the same concept that whenever I chose to make those 10 from 2013 I did whenever I went from 10 to 20 okay so I'm giving up an increasing number of these particular item whenever I'm choosing to increase increase production of the other one are things about production things that would be mentioned with if that composite about production properties they talk about investment into that and what they mean that particular item is that businesses are spending more on Capital is Freddy sizzurp any businesses are spending on Capital and that the business itself more productive so if you come back to our production possibilities curve let me come back this way you come back home Productions Leesburg Inlet day on this when we had capital goods Orchestra good yes we are more towards this point being we are more we're dealing more with it Investments you're more interested in creating the capital good because the camper good will allow the productivity to in is there for overtime I'm going to have availability of more consumer goods I want to make more thing that can help me create more good so when they talk about investment they are talking more about that difference between capital versus consumer goods when they talk about Capital stop they're talking about what the app of the business actually had so that they can create and so we're talking how much Machinery do we have am I going to increase the amount of Machinery have currently so that I can get more out of those machines later Capital something that they talk about whenever they deal with production pop breaker three things that can happen to shut your production possibilities curve we can have some sort of change in resource quantity or quality if you do that it would cause a shift to the production base curve either inward or outward so just coming back to this one we either come in this way or we move out towards that search area a change in technology if you change the actual technology it will change how much you're able to do will increase your productivity level so when you change the technology to see that first shift outward showing that you have the ability to use create more of that particular product it says changing trade it doesn't change the amount that they can produce but it does change the amount they can people can consume if you have a change in trade it just means that you're able to conceive a different amount of whatever resource using in this particular of consumption that they're trying to make comparisons between some things make sure you're able to do some of these things can you draw a production possibilities curve that shows that workers lose their jobs due to recession if you know what happened  let me see in your pet over germicide what happens if workers lose their jobs are recessions where am I video on my production possibilities curve in the curve on the curve or out of it  and the Curve thank you Marilyn and Jeffrey we are in the curse get all of you in the curves maintain employment for all of these people  if we have increase in consumer demand for pizza going to be something that's going to be what you're looking at if you have two resources in one of them is pizza and then what say you cars in the other one if we have an increase in consumer demand for one of those products if we're on our production possibilities curve you're just going to move to the point that is closer to the product you're identified so if I come back  over here to my cameras and mobile phones and I say that lightsaber over here at point B if I want to end if there's an increase in consumer demand for mobile phone and I'm just moving from point B to point if I say if there's a recent demand for if there's any crease in consumer demand for cameras and I'm going to go from point B to point C okay so pay attention where you are on the side and give you some areas like that just make sure you're shifting more towards that particular products there are more resources the production of cars what would happen in this one is that when you shift your grass outward four main the same right here to the point B but the bottom portion is going to be the one that that sticks out if cars is down here cars on the side and my top portion went to shift up just a little bit okay so we keep producing the same amount down here but then we move up and shift out for the section where we're showing the production of cars over Pizza they so you're just moving that one section not the entire thing because we're not increasing our production of pizza and cars you just put increasing production of one so you just cause that shift in the car for that one side that you're producing absolutely comparative advantage here we go so we get we dealt with absolutely compared to the Vans all we're doing is saying that we're comparing these particular to countries and it could even be too particular business that they put forth if they put forth that information to you in that way create sugar and bacon create parquet what were showing you here is the amount of sugar in ton and the amount of each country can produce with the same number of resources that were saying with the same resources Cuba can create 40 tons of sugar Mexico 350 when talk about Cuba can make cars with the same resources next to can make 100 cars in time so if call what we're doing here is we're going to identify when Cuba had increased one sugar how many cars are they're going to give up eye cream that one sugar and what were saying is one sugar for Cuba is going to cost 1/4 of so for every sugar they make your getting up 1/4 of a car okay so it's 10 or 4 in this situation when they choose to create one are there getting for sugar Mexico when they create one sugar is going to give them two cars when they create one car is going to give up to Sugar so in this case which which country has the apps to Advantage in Sugar the which one giving up left here not sorry not that which one has an absolute Advanced which one should create this in this case were saying Mexico should create sugar because they're creating more sugar they have 50 sugars compared to 40 absolute is just comparing the numbers who has the absolute advantage in car next door has it once again hundred cars versus in 4k the what is the opportunity cost for Cuba and producing one car there you go to that for every single car they make you're giving up four sugars so in this case the opportunity for Cuba opportunity cost for Cuban recent one car that you're giving up for Sugar City show so which country has comparative advantage in car  which one do we say is it Mexico Cuba number you cannot have comparative advantage in both so you have to pick up pick which one yes Jeffrey Mexico is going to have the comparative advantage in cars which means that she was going to have vanished and sugar okay Mexico gave up less for cars we said that Mexico for each car they would give up half of sugar where Cuba would give up for Sugar Street car Mexico should definitely go with the car Cuba or sugar was going to give up 1/4 of a car versus Mexico giving up two cars so she wished death start with the sugar K so because of that the idea here is that you have to identify for both benefit from trade how much sugar can be traded for each car  we know here how much sugar can be traded for you cause we know that the worst amount of sugar receipt the most amount sugar giving up is for sugars we know that the least amount given up is sugar so all we know is that one car we should trade somewhere between half a sugar and what time is it for any of that would be acceptable in this particular trait that is what they're looking for in that Panera's those are output questions input questions remember a little bit different what we're doing here is where I can find how many hours does it take to Canada and the UK create a kind of sausage versus a ton of computers we know what's going into this we're just going to identify we're going to get whenever we have that particular input so when it comes to Absolute Advantage for sausage UK  that when it comes to Absolute Advantage for sausage absolute Advantage computers has the absolute Advantage again here the opportunity cost to produce one computer is that for one computer they're going to have to give up 3 sugars and 3 the opportunity cost is resources the comparative advantage in computers we go one computer is equal to 3 sausages and you have a one computer to one sausage so the country was compared advance in computers is the UK they're giving up the least the country with comparative advantage for sausage one sausages equal to 1/3 computers and one sausage is equal to one computer Canada has the comparative advantage here once again for both countries to benefit from the trade how many sausages can be traded for each somewhere between 1 and 3 because over here we had giving up one sausage we had getting up three sausage want to trade somewhere in between the acceptable to both countries go back to work book reviews exercises on who compared remember it's just something that you have to practice circular flow we talked about this in class reviews something when we talk about a product Market down here product Market or places where individuals buy goods and services from businesses so what we're saying is that when you go out buy something you're going shop at a product markets in places like Target or going on a website like Amazon you're protecting in transactions in a product so if they were to ask for an example of a transaction and product markets you would look for the transaction that that's identifying how someone is purchasing something you would also look for a business offering something for sale so you have to look at both sides that faster Market when we talk about Factor markets were talking about the availability of resources for sale for businesses to use to produce a good or service stop production this case are going to be owned by the individuals and households and it is up to us as individuals to identify what resource OfferUp for sale for businesses and those businesses are going to buy those from us and we get away in return for are labor we get a rent in return for our land we're going to get interest in return for the that people are going to pay us to use the all of the factor market there is a representation of factors of production have your businesses in your household as your dissipating sectors of the economy there are sometimes in your circular flow where they will include in the middle of the government because businesses are going to pay taxes to the government households are going to pay taxes to the government on the government's going to give household transfer payment to the form of things like social security and disability in different types of welfare program so those transfer payments that we live down here these are just payments made by the government to meet some sort of specific economic goal and that goal could be some sort of economic stability trying offer some people some stability in their daily  life so that they can so that they can sleeper take in doing things like groceries so they can eat in the evening or for lunch buy businesses so when businesses are making these payments purchasing things I'm going from the factor market these are going to be there for payment so if a payment is just the payment for the use of a factor of production or a resource in this review your circular flow make sure you're familiar with it  I don't foresee a whole lot of questions this type of thing just make sure you're aware of how goods and services along with money or going to flow throughout the economy the remaining portion of this is going to be spent on our big topic of discussion supply and demand of those of you what are in micro we have spent a lot of time talking about the find a man from this is stuff that should be familiar because we talk about we I'm talking about these particular thing to man this is our basic intro into come up with our area the man in our aggregate supply later the basics are as follow when we talk about the man we're talking about a consumers desire to buy a good or service when we talk about talking about the desire of a producer to provide a good or service and Towing tell me how about the law of demand we're talking about an inverse relationship between price and quantity demanded remember I explain to you that it was like a seesaw you is a consumer or not going to want to purchase as many of those particular items so you are desire for the product goes down for quantity demanded so it is that Cecil they work opposite of each other one price goes up quantity demanded decreases increases shows that your price is going to decrease as well love Supply is a direct relationship we set it the whole goal of producers is that they want to make as much money as possible because they want to make as much money as possible what they're going to do is love Supply is a direct relationship so it's price increases producers are going to want to catch on to that price they want to get in on getting as much money as they possibly can sit when price goes up to going to increase their coffee Supply to product on a rainy day you may have some situations where businesses are going to bring more of those products to the front of the store because you're going to be looking for those things so they're going to bring more to the front and they're probably going to make more money off stop  change in demand versus change in quantity bandage  or change in Supply versus changing classes are the big things you have to remember you have to look at your wording if we talk about a change in quantity demand or we talked about a change in quantity supplied  the only thing that happened is at the actual product of the actual what's the price so we kept talking about our bags are cookies that you can buy at lunch if that bag of cookies increases from $1 to $2 happy birthday less people wanting to purchase those cookies so the amount that people wanting to purchase them if the selling price cookies goes from $1 to $2 you might see more businesses attracted to that increase in price and might want to start selling that particular you might see producers Bay people really just possibly spend more money so I'm going to offer more cookies for sale at that particular price when that happened the end result is that we have movement along the supply curve moving along your demand curve remember we had our supply or demand schedule we have list of prices we had a list of Auntie demanded at each price of them on our graph  when you have a change in quantity demanded change in quantity supplied moving from one point on the graph to another if we change the actual demand or the actual supply for the product it means that something pletely has changed and going to cause you to have an entire new Supply or demand curve that her shift left or right you are shifting left that means we left if you're shifting right one more that are with that right and L for that left so make sure you're able to remember which way is which you just have to read your individual problem and identify is this crease is the decrease with this make producers want to sell this product more or would they want to sell it less because of this particular decision so what's going to happen in all these different scenarios let's talk about our shifters so what is going to be the shifter of demand changes in so these are popular at that time if you have things that people really interested in getting at that time then you're going to have a change in tastes and preferences which will change your demand for that particular product the warmer months more available in yours right now so you're going to see an increase in demand for those particular products because particular time we have this season change we know what's coming up we're ready to go for it number of consumer so we're just looking at change in population if you have an increase in population of an in Collierville that means that there's going to be more people they are demanding the goods there already for sale so when you have more people move to an Aries you're going to increase the number of consumers vice vice versa way then you're going to decrease population so you would have a shift to the right free I mean shift to the left for your demand price of related good in your compliment substitute for things that you can replace if you normally buy Bounty paper towels but the price of Ronnie is really cheap right now he may switch to Ronnie because you know it's cheaper for you to go and again and get that item notice I did not change the price of my Bounty paper towels which you I was going there to buy in the first place That Remains the Same in this case we're just changing the price of the related good Chinese case were saying if the price of jelly goes down you may be more inclined to buy the peanut butter if the cookie dough for you to bake is really cheap you might go ahead and buy milk to go with that so we're looking at the related good Pier income level when we get to this next we're going to talk about normal vs. inferior good remember with your income level this is if identifying have more money or do you have less money the more money you have the more money you have available to spend there for you can increase your demand and stick the demand curve right when you have less money you don't have as much money to spend Coastal expectations what do we think going to happen in the future so the price of the upcoming cell phone that I want to get would be much higher than what I'm willing to pay I may be more inclined to wait for that phone to come out which would cause the cell phone that I want to get now to be lowered and price Baidu the expectation of what I think is going to happen the future is affecting what I'm going to purchase now supply-side things that would cause producers to identify things that they would change their decisions what to provide the prices or availability of inputs or resources if it cost less for you to hire people you might in that case I have more workers there for increases your project productivity was changes except your supply minimum wage close-up I cannot employ as many workers there for it changes what I'm able to produce at that point because I cannot keep as many people on number of producers this is just how many more selling the product if you have more producers selling that available product then it going to increase the supply of that particular product that were talking about if you have producers leave the markets there is a story today hhgregg they had and they file for bankruptcy they had until April 7th for them to be able to identify what they were going to do with all their stores hhgregg is going to be in all of their stores if you want to TV for your dorm room. By the end of the month one less competitor for businesses like Best Buy where you can buy a similar types of product changes in technology play what happens in technology is that when you add Machinery to a predict a particular production method is going to improve your production capabilities so technology has to increase Supply every single time government action if a government is going to tax a particular item cost more to produce it at that point there for you or supplies to be pulled by the government doing with this they're offering to you as payment encourage you to do some sort of economic activity giving you money to make things there when they give you money you would go ahead and provide more I gave you $10 for every single hour that you study for this exam you probably be inclined to study for your exam I'm not giving you $10  expectations of future profit if businesses believe that ability to earn a profit in this industry is going to go up in the future maybe they may be more inclined to hold back their supplier now because they believe that if they sell more in the future they'll make more money in the future so it's Wendy think is going to happen the future whether they provide more their pod now or hold back and provide that for later and so like I said with are related Goods we talked about substitution so if we have good a good Beasts of the price of a increases in that means demand for product B is going to go down if price of a decreases demand for product B is going to go up here for me to get  I'm looking at is compliments in the price of a increases demand for bees going to increase because I want to buy the substitute item instead the original price of a decreases I want to decrease my demand for pipe for Item B I'm not willing to pay the higher price on going with item if you have a compliment and the price of increase price of a increases more more likely to decrease my demand for product B if the price uptight a decreases you know my jelly cost less I'm more likely to buy the peanut butter to my demand for being is going to end here as well I'm more likely to buy both of these items because of it your normal Goods in your inferior good for this goes with your income shifter for demand normal Goods or purchase more often when you have a higher income so in this case if we're talking about buying ground beef Irvine state steak is a normal good it is more expensive I'm more likely to buy this because my income is higher so as my income increases my demand for normal Goods will increase  when my income decreases my demand for normal Goods will decrease at the same time are directly related to each other I'm more likely to buy them as my as my income goes up inferior Goods or going to be purchased more often at lower income level so we we go back to our example of ground beef versus ground beef is the inferior good so in this case as my income increases and less likely to buy the ground beef I'm more likely to buy the state so the inferior good has a decrease in when my income goes down I'm looking for ways to save money so I'm less likely to buy the more expensive item I'm now I'm going to buy the cheaper income decreases demand for inferior Goods will increase with the decrease in income so we finally get to our graph. How about equilibrium disequilibrium sings government involvement some things we going to talk about with the scrap price is always on your vertical axis remember quantity is always on your horizontal axis you have your supply upward sloping from bottom left to top right your demand is downsloping from top to bottom right the only these will ever touch an axis is if you have a point that tells you to touch that acts so when you're doing your free response if they what you draw a supply and demand curve and it doesn't matter if it's supply and demand or aggregate demand and aggregate supply you don't draw these lines all the way to the unless it's specifically gives you points and they want you to put the point and equilibrium number it is the intersection of your supply demand curve down and identify where your quantity is down here you always come over here and identify what your Olympian prices going to be anytime you are below equilibrium price and you have way more interest in the product than you have available for sale in this case what we're saying is that you have a shortage not enough Supply to meet the demand so what do producers do to get rid of the Portage increase the price of the product they want to do what they can to bring that price up to equilibrium when we are up here we have all these available items but people are not interested in purchasing those particular items that we have a surplus of goods or service so what producer is going to want to do to try to entice you to purchase these things they're going to bring the price of that hog down I gave you are example with hhgregg hhgregg with all the stuff that they have in that store they're trying to get rid of everything they extra Supply so they have all this Surplus they're going to start dropping the price that product to try to get people to be interested in buying these particular product so that is what happens when you have that sometimes your government gets involved in pricing as identifying we're allowed to price if you have a price ceiling what that means is that you're not allowed to charge higher than a certain level for that particular product so in this case a price ceiling would always occur over here beneath equilibrium anywhere down here what we're having for saying that this situation is that your government has identified that it is more beneficial to society bus to price things at this particular level below equilibrium there are some sort of benefit to Society for it to be here a lot of times you're going to see feeling up  in certain types of markets not something that you see typical one bunch of things do they have a price floor or identifying is that we cannot go below a particular prices your minimum wage is a price it is above where a producer would typically want to pay you for work that you do for the government is coming in and identifying that you must be it's particular level so what happens when you have a price for since it's up here is that price for create a surplus you have is available workers up here but you have these available jobs for those particular workers so we have more workers than jobs available the price Siri has Star Plus when you have a price for you have all this interest I gave an example in class with Rick control you have all this interest in these is available at this really low price but produces not willing to rent apartment you at the price so a price ceiling is going to create this where a price or is going to create a surplus  when we have that decrease end we talked about this you're going to have that shift to the left in your demand curve when you do that it has the original equilibrium price and quantity on this particular graph it would cause a decrease in demand causes a decrease in the quality provided and a decrease in debt we're shifting right and we have an increase in demand so when we do that we increase the amount of product that people are demanding of that particular product in the price of the product build-up so always always always draw out the grass weather it moist course request in your booklet drawing answer the question okay can't think of it on your own really available remember they're not going to grade the ones that are in the actual multiple choice booklet so if you just give yourself a grass you don't have to identify your labels for your grass at that point just draw it out for yourself real quick if you want to what's going to happen with these particular things when you have a change in Supply in this case that we have a decrease in Supply we're shifting to the left that changing the price we originated here changing our supply we hadn't in the price of the product but we had a decrease in the availability of it over here with our supply in trees only shifted right we more available we're really flush in the market with this particular product  and it seems like my video failed at this point is to keep on talking when we shifted to the right that we had an increase in availability of the product but price the product went down  the last thing we have to talk about it double shift the double shift rules is that two curves are going to shift at the same time when they do shift at the same time either the price is going to be indeterminate or going to be able to identify what happens in these particular situation but you may not be aware of what happens to one of these particular things we shifted both are supplied to the left and are demanding when we go from this equilibrium point to this equilibrium point we can clearly see that the quantity is decreased in this situation but the price is the price is going to be very similar how how much of a chain price you have is going to be determined by how far out these graphs actually go cuz we don't have that exact information we cannot make that decision so in this case by shifting both of them to left we decrease our party but we can't we can only say that we know price is going to you just don't know how much would it be so in this case quantity will decrease but price is going to be determined is going to be indeterminate we're just not sure when is perfectly fine in economics when you have this double shift that when you got out you can actually thing I'm just not sure I know something's going to happen I just don't know how much of a change is going so when you draw now you'll be able to see that's one of these is going to show a change the other one may not show so is that actually happen you just need to identify that it is indeterminate  wanted I want to go back and identify because I forgot to mention this earlier so I'm coming back over here to production possibilities curve how to draw for free response make sure they touch the readers for your fuse box will take points off if your production Pathways for do not touch nap when we talked about the find a man  we said that those do not have to touch they're not looking for touching for these particular types of grass so just make certain that unless specifically identify coming to these lines that you don't bring them all the way there okay so just a reminders make sure you go back to your textbooks you still have textbooks except for you Abigail you giving it back to me go back and read some of that stuff take the time look back at it just try to refresh your memory of things that we actually did remember this all stuff that we reviewed everything in here that we talked about is in your workbook it's everything in unit once plenty of practice go back and review those things if he has any questions about anything that we have if you want to ask and it's in the chat in the next minute or so before we leave then your more than welcome to do that but if you're studying you come across in your just not sure you need some help going through this cuz you want to make certain that you understand big short yes Abigail just read your review book make certain that you eat or shoot me an e-mail send me a message just come by the classroom and just asked me to review something with you real quick  Mallard we did not have tacos today as mr. Trosper what is the heater still in the Mexican family we just didn't have so if we have no more questions of you are free for the evening this help refresh some things for you I'll be back here on Thursday going through are economic indicators unemployment and Consumer Price Index with inflation so we're going to be talking about making the calculation hopefully this helps you out you're welcome guys I hope you have a wonderful evening stop by if you ever have any questions have a good evening

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