sci 9 q4 m1

• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Consumers act rationally by


  Maximising their utility
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Demand curve shifting right

  Increases the equilibrium price and quantity
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility
• Position changes with time, velocity represents how position changes with time
• Toss a coin upward

  1. Coin goes down

  2. Gravity pulls the coin down
• Things that are thrown upward, will go down because of gravity
• Gravity pulls us towards the earth, that is why we are not being thrown outside space
• Going against gravity


  When you climb a high place
• Going with gravity


  When you are on a high place, and you go down
• When can we say that an object exhibits uniformly accelerated motion?
• Construct a comic strip about uniformly accelerated motion


  1. Set the scene as if the characters are having a conversation describing uniformly accelerated motion based on the scenario or situation

  2. The comic strip will be evaluated based on a scoring rubric
• Aside from the given scenario on your comic strip, can you cite other situations of bodies or objects exhibiting uniformly accelerated motion?
• Statements about bodies and objects exhibiting Uniformly Accelerated Motion (UAM)

  • Acceleration is constant in bodies in uniformly accelerated motion
  • UAM can only be observed along the horizontal line of action
  • Objects at free-fall exhibit uniformly accelerated motion
  • In UAM velocity changes but at a constant rate
  • An object in UAM has zero acceleration
• Speed limits are used to set the legal maximum or minimum speed at which road vehicles may travel on a given stretch of road
• Speed limits


  They are generally indicated on a traffic sign reflecting the maximum or minimum speed permitted that is expressed usually in kilometers per hour (km/h)
• Speed limits


  • They are used to regulate the speed of vehicles in certain places and it also controls the flow of traffic
  • They are observed to minimize accidents from happening
• If our roads don't have speed limits that are being checked, and vehicles are moving in uniformly accelerated motion, what do you think will happen?