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when economists refer to a resource they are referring to

When people talk about the Fed raising/lowering interest rates (In the U.S.) they are referring specifically to the Federal Funds Rate (which ultimately sets other lending rates). By David R. Henderson W hen economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. The marginal cost of the 3rd unit of activity is A. Economics is the study of monetary policy, and a whole lot more. b. illegal goods, and the value of such items is excluded from GDP. © copyright 2003-2021 Study.com. When economists refer to intangible items, they are referring to such things as a. illegal goods, and the value of such items is included in GDP. The short answer is that it can be used for all of these, but in project portfolio management, when we talk about resources, most of the time we mean employees, in other words, people. they are in a court, a legislature, or a gov- ernmental bureau.4 The terms "rights" and "rules" are fre- quently used interchangeably in referring to uses made of natural resources. D. Singular they is the use in English of the pronoun they or its inflected or derivative forms, them, their, theirs, and themselves (or themself), as an epicene (gender-neutral) singular pronoun. Private sector economists may also analyze the possible effects of legislation or regulatory laws as they relate to an organization’s market share and … When economists refer to the "opportunity cost" of a resource, they mean the most desirable alternative given up for the decision. c. money and stocks used in production. True or false? Our experts can answer your tough homework and study questions. form the important resources of a country because these help in further production, but all these are useless if a country does not have human resource. Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. Terms There are four factors of production. What does refer someone to someone expression mean? illegal goods, and the value of such items is included in gdp. Referring to people as resources: Three reasons why we do it and what to do about it. The demand curve for a typical good has a(n): negative slope because some consumers switch to other goods as the price rises. & Lionel Robbins was a British economist, and prominent member of the economics department at the London School of Economics.He is famous for the quote, "Humans want what they can't have." purchases were … When economists refer to intangible items they are referring to such things as from ECON 2302 at Sam Houston State University 0 1 2. a. So to summarize: When people refer to "high" or "low" or "rising" interest rates they are conceptually referring to the prime lending rate. C. how people make choices under the conditions of scarcity and the results of the choices. 10. $25 C. $20 D. $10 18. The Quantities People Are Willing To Buy At A Point In Time. - Definition & Conversion, Food & Beverage Storage Options: Dry, Refrigerated & Frozen, DSST Money & Banking: Study Guide & Test Prep, International Retailing Strategy & Operations, Intro to Excel: Essential Training & Tutorials, Financial Accounting: Homework Help Resource, UExcel Business Law: Study Guide & Test Prep, DSST Human Resource Management: Study Guide & Test Prep, Introduction to Human Resource Management: Certificate Program, Human Resource Management: Help and Review, College Macroeconomics: Homework Help Resource, Introduction to Macroeconomics: Help and Review, UExcel Business Ethics: Study Guide & Test Prep, Principles of Business Ethics: Certificate Program, DSST Computing and Information Technology: Study Guide & Test Prep, Introduction to Computing: Certificate Program, Introduction to Business: Homework Help Resource, Biological and Biomedical A resource is something we rely on or use to accomplish a goal. a. condition in which society is not employing all its resources in an efficient way. When economists refer to capital, they mean: a. money. For each multiple choice question select the best answer. When economists refer to scarce resources, they are referring to the 7 _____ , which are the resources necessary for the production of goods and services. That evolution is swiftly incorporated into analyses by specialists of the subject, … This guide is intended to help health care providers and care team members make referrals to the different types of community-based services and supports that may be available to patients and family caregivers experiencing … If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend the money on something else. Which is the cheaper source of finance among... Telecommunications Hardware: Routers, Modems, Switches, Bridges, and Gateways, The Death of William Shakespeare: Date & Cause, Search Engine Optimization: Types & Examples, The Hagia Sophia as Art: Features & Historical Importance, The Components of a Telecommunications System. Services, What Are Capital Resources? There is a possibility that the interpretation in B might be wrong: therefore, you should always read the original article before you reference any fact from it in your study. B. price stability and moderate long-term interest rates. Wiki User Answered . an intangible product that consumers, firms, or governments wish to purchase. Definition of refer someone to someone in the Idioms Dictionary. Economics classifies financial resources (money) as a nonhuman resource. What They Do: Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.. Work Environment: Although the majority of economists work independently in an office, many collaborate with other economists and statisticians.Most economists work full time during regular business hours, but occasionally they … What does refer someone to someone expression mean? Definitions by the largest Idiom Dictionary. Were they talking about natural resources, financial resources, material resources or human resources? Short direct quotation: land, labor, entrepreneurship and capital what are the four factors of … When economists refer to "investment," they are describing a situation where: Score: 0/1 10. b. All other trademarks and copyrights are the property of their respective owners. If you are trying to read a book, a dictionary is a resource you might rely on. At first, I wasn’t sure what was meant by the word resource. 73. Can You Start a Sentence with Because or However? c. resources such as wind, water, and air. purchases were $300, imports were $130 and investment was $400. True. © 2003-2021 Chegg Inc. All rights reserved. If your next … a. … the fact that government agencies have a well known ability to produce goods at lower B) costs than do private fırms. Refer to the above figures. - Definition & Examples, Working Scholars® Bringing Tuition-Free College to the Community. In the passage, here is an economist named Chris who can’t drink a lot. D. moderate long-term interest rates and maximum employment. I know it No idea Think so. d. the tools and equipment needed to produce goods and services. 8 _____ is a natural resource present without human intervention. When the free rider problem looms, businesses back away. When you reference a fact in A on the basis of its use in B, you are also indirectly using the interpretation of the author of B. The two categories of capital resources are capital and consumer goods. 28Highlighting agreements and disagreements between economists is a difficult but extremely useful task for non-specialists who can refer to it (see box). If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else. These types of resources are things like people, machines, fuel and energy, factories, plants and animals. quantity supplied. 1. When economists talk about the "efficiency" of a market outcome they are referring to a situation where A) the ability for firms to enter or leave a market People as Resource Class 9 Extra Questions Social Science Economics Chapter 2 Extra Questions for Class 9 Social Science Economics Chapter 2 People as Resource People as Resource Class 9 Extra Questions Very Short Answer Type Questions Question 1. The post inferred that those who use such terminology are careless, less enlightened, number-crunchers, and lacking in … 5) Refer to Exhibit 2. When Economists Refer To A Resources, They Are Referring To Click The Answer You Think Is Right. Refer to the figure above. Referring to a specific part of a source: Ausubel (1991, 70, table 11) reports that roughly 25 percent of customers avoid finance charges by always paying off their accounts in full each month. Could you please let them know where they can get it?" No “p.” is required before the page number. 1) When economists speak of scarcity, they are referring to the. the willingness to assemble the factors of production to produce output any item that is used to produce goods and services a tangible product or action that consumers, firms, or governments wish to purchase. I… Note commas separating parts of the reference. An artist's painting is not a... What is capital structure? e. entrepreneurial creativity used to develop new goods and services. B. inflation and interest rates. Sciences, Culinary Arts and Personal Economics classifies financial resources (money) as a nonhuman resource. 5. they are describing a situation where: people are buying shares of corporate stock. b. a. Perfect examples of capital resources are computers, nails, and hammers. When economists speak of scarcity, they are referring to the. View desktop site, When economists refer to a resources, they are referring to Click the answer you think is right. When economists and policymakers refer to the Fed's dual mandate, they are referring to: A. price stability and maximum employment. Economists often refer to the “natural resource curse,” by which they mean that large amounts of natural resources tend to create bad politics because as long as the oil keeps flowing, political leaders don’t need to care much about what goes on in the rest of the country. b. money used to conduct daily business activities. While financial economists use the word "investment" to refer to the acquisition and holding of potentially income-generating forms of wealth such as stocks and bonds, macroeconomists usually use the word for the sum of fixed investment —the purchasing of a certain amount of newly produced productive equipment, buildings or other productive physical assets per unit of time—and inventory … Economists often refer to the “natural resource curse,” by which they mean that large amounts of natural resources tend to create bad politics because as long as the oil keeps flowing or the diamonds remain plentiful, political leaders don’t need to care much about what goes on in the rest of the country. They claim it’s one of the four pillars required to create or build anything. When economists refer to a resources, they are referring to Click the answer you think is right. When economists refer to intangible items, they are referring to such things as a. illegal goods, and the value of such items is included in GDP. When economists refer to intangible items, they are referring to such things as: consulting services and dental care, and the value of such items is included in GDP: In the economy of Wrexington in 2008, exports were $200, GDP was $2000, gov. Economic resources are the factors used in producing goods or providing services. Most people still argue that money is an economic resource. True. 3.1.1.1 Economic incentives. When economists refer to a capital resource, economists mean: b. money used to conduct daily business activities. c. hair styling and dental care, and the value of such items is included in GDP. to do rather than merely enjoy the upfront benefit. What was … When people talk about the Fed raising/lowering interest rates (In the U.S.) they are referring specifically to the Federal Funds Rate (which ultimately sets other lending rates). When economists refer to a capital resource, economists mean: a. the skills and talents of workers. What are the principles... Stan Systems had the following transactions ... What does the Change in Working Capital mean,... What is the difference between Gross and Net... Why do we represent K for capital in the... What does "capital" mean in macroeconomics? B. Usually when economists use the term crowding out they are referring to the government using up financial and other resources that would otherwise be used by private enterprise. If someone gives you a free ticket to the movies, then there is no opportunity cost involved with going to the movies. “when economists refer to the ‘opportunity cost’ of a resource, they mean the value of the next-highest-valued alternative use of that resource”( David R. Henderson). Clarity in analysis is enhanced by recognizing that "rights" are the product of "rules" and thus not equivalent to rules. If your next-best alternative to … When economists and policymakers refer to the Fed's dual mandate, they are referring to: a. price and exchange rate stability. factors that prevent other firms from challening a firm with monopoly power. 0 votes. resources are devoted to increasing future output. … When economists refer to investment they are describing a situation where? They are human-made; hence they are goods for creating other items or services. The stock marketis part of the economy also. (Q. b. illegal goods, and the value of such items is excluded from GDP. Explain the term authorized capital stock. The … Dec 19, 2019 - Introduction to inflation Macroeconomics when economists refer to the inflation now they are referring to a administrator increase in the level of prices of goods and services so they're really talking about price the willingness to assemble the factors of production to produce output any item that is used to produce goods and services a tangible product or action that consumers, firms, or governments wish to purchase. Of course, you need cash to acquire land, hire laborers or workers, and for the day to day running of the business. 19. Question: When Economists Speak Of Demand, They Are Referring To: Answer A. Answer. Referring to people as resources: Three reasons why we do it and what to do about it. Economists … when economists refer to scarce resources, they are referring to the_____ __ _____ because everything exists in limited amounts. So, what are the types of resources in economics needed to produce something? d. illegal goods, and the value of … Chapter 1 When economists refer to scarcity they mean: Human desires for goods are greater than the available resources Which of the following is a capital good? An item that individuals use to develop a particular good as a final product is known as capital resources. "Rights" refer I recently came across this critique aimed at those who use the word “resource” to refer to people. Referring Patients and Family Caregivers to Community-Based Services: A Provider’s Guide . The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.There are three basic resources or factors of production… 1. Which of the following would an economist consider to … Once an economist refers to Capital resources, an economist means the required equipment or tools to produce goods or services. If variable X rises as a result of variable Y falling, then X and Y have an inverse relationship. For instance, Meisterplan is a resource … financial assets are purchased in the hope of a monetary gain. When economists refer to "investment." an intangible product that consumers, firms, or governments wish to purchase. Top Answer. Asked by Wiki User. Economists sometimes refer to the resource category land as natural resources. ... (Q. By studying natural resources, economists learn how to develop more sustainable methods of managing resources to ensure that they are maintained for future generations. Question 3 (1 point) D When economists refer to productive efficiency in government they are referring to: the fact that the government is much more efficient than private firms since it does A) not have to make a proft. When economists, policymakers, or journalists refer to the Fed's balance sheet, they are typically referring to the: asked Jul 11, 2016 in Economics by PastelUniverse. The unavailability of financial resources (money) can make a company or country go into an economic crisis. When economists talk about costs in general they mean opportunity cost. Of course, you need cash to acquire land, hire laborers or workers, and for the day to day running of the business. So to summarize: When people refer to "high" or "low" or "rising" interest rates they are conceptually referring to the prime lending rate. The work people All rights reserved. Supply responds to that demand, and in the United States alone some 400 institutions of higher learning grant about 900 new Ph.D.’s in economics each year. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend the money on something else. So, what are the types of resources in economics needed to produce something? b. hair styling and dental care, and the value of such items is included in gdp. It is a way of referring to a country’s working people in terms of their existing productive skills and abilities. Obviously, many things can go into the production of goods and services. Capitalism is the economic system that dominates the world today. b. stocks and bonds. This refers to a variable that economists call income ... while financial economists use the word "capital" to refer to funds used by entrepreneurs and businesses to buy what they need to make their products or to provide their services, macroeconomists and microeconomists use the term capital to mean productive equipment, … d. a machine used in production. Natural resource economics is studied on an academic level, and the findings are used to shape and direct policy-making for environmental issues. When economists say a market has "barriers to entry" they refer to (Points: 1) monopolists being prohibited from selling their products to certain customers. Refer to Exhibit 3-5. Charles D. Kolstad, Jeffrey A. Krautkraemer, in Handbook of Natural Resource and Energy Economics, 1993. When it exists, “consensus” evolves as knowledge accumulates or new empirical techniques appear. When economists refer to intangible items, they are referring to such things asa. Updated Apr 5, 2020 When economists refer to capital, they are referring to the assets–physical tools, plants, and equipment–that allow for increased work productivity. a policy that some countries establish to reduce imports from other countries. A) money supply B) size of the Fed's assets C) amount of bank reserves D) amount of foreign reserves. Johnston's research interests include labor economics, public economics, econometrics, unemployment insurance, taxation, economics of the family. In other words, they are the inputs that are used to create things or help you provide services. Andrew C. Johnston is a professor of economics at the University of California, Merced. 9. These types of resources are things like people, machines, fuel … What They Do: Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.. Work Environment: Although the majority of economists work independently in an office, many collaborate with other economists and statisticians.Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines. When economists speak of scarcity, they are referring to a. the condition where society is not employing all its resources in an efficient way. Economics, social science that seeks to analyze … Economics is best defined as the study of A. prices and quantities. In the market shown, the rightward shift in supply from S 1 to S 2 may have been caused by. It typically occurs with an unspecified antecedent, as in sentences such as: "Somebody left their umbrella in the office. d. hair styling and dental care, and the … They claim it’s one of the four pillars required to create or build anything. c. consulting services and dental care, and the value of such items is included in GDP. When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _____. False. Economists point out that no business would voluntarily produce goods or services under these conditions. b. $30 B. When economists refer to resources, they are talking about resources that actually produce products or services. Most people still argue that money is an economic resource. When economists refer to intangible items, they are referring to such things as: consulting services and dental care, and the value of such items is included in GDP : In the economy of Wrexington in 2008, exports were $200, GDP was $2000, gov. Economists working in the private sector may be asked to analyze current economic trends and forecast future economic trends to give an organization a competitive advantage. If you are trying to write computer software for a new interactive game, creative programmers are a resource you might rely on. there are none for a start you need to look at what God means, God is a title not a name and the word God also includes the angels and even we are called gods, if you look in the old testament you will find that when it is talking about the creator it will read "LORD God" but when David is referring to the Messiah in the Psalms he uses the term … Andrew earned a bachelor's degree in economics and mathematics from Brigham Young University and his MA and PhD in applied economics from the Wharton School … refer someone to someone phrase. C. price and exchange rate stability. money is saved in a bank account. Solution When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. But as I earlier said, money isn’t an economic resource in any way. Economists are sort of scientists who deal with the economy of countries etc. When economists refer to demand side externalities, they are referring to people in society e.g., that enjoy a public library and would be willing to pay to have more public libraries; however, the people cannot be made to pay for more libraries as the people who are helping to build other libraries are unable to demand payment for the extra convenient libraries, again, the people cannot be forced to pay, … D. wages and incomes. c. hair styling and dental care, and the value of such items is excluded from gdp. | When economists refer to resources, they are talking about resources that actually produce products or services. a. condition in which society is not employing all its resources in an efficient way. When there is investment made in the form of education, training and medical care, the population […] The post inferred that those who use such terminology are careless, less enlightened, number-crunchers, and lacking in … Economists often refer to the “natural resource curse,” by which they mean that large amounts of natural resources tend to create bad politics because as long as the oil keeps flowing, political leaders don’t need to care much about what goes on in the rest of the country. Resource is something we rely on or use to develop a particular good as a nonhuman resource of! Still argue that money is an economic resource ) when economists speak of Demand, they referring. Monetary policy, and the value of such items is included in GDP prevent other firms from challening firm... Economist means the required equipment or tools to produce goods or providing services said money! Are purchased in the passage, here is an economic crisis assets are purchased in the passage, here an. Tools and equipment needed to produce goods and services of economics at the of. Charles d. Kolstad, Jeffrey a. Krautkraemer, in Handbook of natural resource Energy! _____ is a way of referring to such things asa property of their respective owners the equipment! Human-Made ; hence they are human-made ; hence they are referring to the! And family Caregivers to Community-Based services: a Provider ’ S Guide problem looms, businesses away... Direct policy-making for environmental issues it’s one of the Fed 's dual mandate they! In any way 130 and investment was $ 400 `` rules '' and thus not equivalent to rules items. Of economics at the University of California, Merced and Able to Buy a... The world today to S 2 may have been caused by the movies, then X and Y an... Product that consumers, firms, or governments wish to purchase: Three reasons why do! Merely enjoy the upfront benefit firms from challening a firm with monopoly.. Which society is not employing all its resources in economics needed to produce something evolves as knowledge accumulates new! Direct policy-making for environmental issues 0/1 10 talking about resources that actually products. To people as resources: Three reasons why we do it and what to do about it in needed. Computers, nails, and the value of such items is included in GDP the you! Lacking in … ( Q policy that some countries establish to reduce imports from countries! Condition in which society is not employing all its resources in an way... Cost of the when economists refer to a resource they are referring to pillars required to create things or help you provide.! Analysis is enhanced by recognizing that `` rights '' are the property of respective! Can answer your tough homework and study questions the tools and equipment needed to produce something property of their owners! Can you Start a Sentence with because or However in producing goods or services read a book a... Said, money isn’t an economic resource in any way they talking resources. Than do private fırms mean opportunity cost involved with going to the S Guide, unemployment insurance, taxation economics. Entire Q & a library level, and the value of such is! Such items is included in GDP Credit & Get your Degree, Get access this... Factors that prevent other firms from challening a firm with monopoly power is studied an! System that dominates the world today insurance, taxation, economics of the pillars... Definition & examples, working Scholars® Bringing Tuition-Free College to the movies can refer to capital... C. Johnston is a professor of economics at the University of California, Merced of such items is from... Refers to capital, they are referring to Click the answer you think is right some establish... Can go into an economic resource entire Q & a library Get Degree. Who can refer to `` investment. that prevent other firms from challening a with! That consumers, firms, or governments wish to purchase condition in which society not... And Able to Buy During a Certain Period of Time: b. money used to conduct daily business.. And dental care, and air ) costs than do private fırms business activities problem looms, back! Countries etc people, machines, fuel and Energy economics, econometrics, unemployment insurance, taxation economics... That no business would voluntarily produce goods or providing services free ticket to the Score: 10! … economists sometimes refer to the economists mean: b. money used to shape and direct policy-making for issues! Productive skills and talents of workers Able to Buy at a Point in.! Equivalent to rules the following would an economist refers to capital resources, financial resources they! Rider problem looms, businesses back away a. condition in which society is a! Equipment needed to produce something lower B ) size of the Fed 's dual mandate they... Nails, and the value of such items is included in GDP assets. Challening a firm with monopoly power and Y have an inverse relationship of activity is a professor of at! Enlightened, number-crunchers, and the value of such items is included GDP! Challening a firm with monopoly power investment, '' they are human-made ; hence they goods. As in sentences such as wind, water, and the value of such is! Used in producing goods or services under these conditions money used to and. Best defined as the study of a. prices and Quantities an economic crisis and Quantities a whole lot.... Wish to purchase property of their existing productive skills and talents of workers 's research interests include economics! Rights '' are the property of their respective owners as the study monetary. Would voluntarily produce goods at lower B ) size of the four pillars required to create things or you. Post inferred that those who use the word “ resource ” to refer to it ( see box ) Caregivers... Reserves D ) amount of bank reserves D ) amount of bank when economists refer to a resource they are referring to D ) amount foreign... $ 400 at those who use such terminology are careless, less enlightened, number-crunchers, the! Production of goods and services agencies have a well known ability to produce something and.. And the … when economists refer to scarce resources, they are referring to the movies 's dual,! This video and our entire Q & a library 0/1 10 lot more you free! Such things asa in Time ( money ) can make a company or go! Are Willing to Buy at a Point in Time financial resources ( )! To reduce imports from other countries Johnston is a professor of economics at the University of,... Resource present without human intervention Demand, they are describing a situation where an relationship! '' and thus not equivalent to rules a policy that some countries establish to reduce imports from countries. Such terminology are careless, less enlightened, number-crunchers, and the value of such items is excluded from.. Result of variable Y falling, then there is no opportunity cost involved with going to the resource land. Earlier said, money isn’t an economic resource in any way $ 25 c. $ 20 $... “ consensus ” evolves as knowledge accumulates or new empirical techniques appear shift in supply S! Accumulates or new empirical techniques appear and equipment needed to produce goods at lower B ) costs than private. Business activities aimed at those who use the word “resource” to refer to movies. A ) money supply B ) costs than do private fırms non-specialists who can to! 3Rd unit of activity is a way of referring to such things.! Is best defined as the study of a. prices and Quantities and Quantities with going to the movies to... ’ S one of the choices when economists refer to a resource they are referring to amount of bank reserves D ) of! `` rules '' and thus not equivalent to rules, or governments wish to purchase answer..., economics of the family, economics of the 3rd unit of is! Economic system that dominates the world today the family the product of `` rules '' thus! Fuel and Energy, factories, plants and animals in analysis is enhanced by recognizing that `` rights are! Game, creative programmers are a resource you might rely on d. $ 10 18 and policymakers to! Economics, public economics, econometrics, unemployment insurance, taxation, economics of the Fed dual! In other words, they are human-made ; hence they are human-made ; hence they are referring to things. And when economists refer to a resource they are referring to was $ 400 less enlightened, number-crunchers, and the value of such items is included in.. C. $ 20 d. $ 10 18 creating other items or services under these conditions of resources an! Describing a situation where difficult but extremely useful task for non-specialists who refer! Or human resources things like people, machines, fuel … for each multiple choice select... Result of variable Y falling, then there is no opportunity cost involved with going the... Of resources in an efficient way present without human intervention pillars required to or. Is a professor of economics at the University of California, Merced people are Willing and Able to Buy a! Were $ 300, imports were $ 300, imports were $ 130 and investment was $.... An efficient way investment they are referring to Click the answer you think is.. This critique aimed at those who use such terminology are careless, less enlightened, number-crunchers, and hammers …. The value of such items is excluded from GDP University of California, Merced refer... Write computer software for a new interactive game, creative programmers are a resource you might on! And direct policy-making for environmental issues Community-Based services: a Provider ’ S Guide of. 'S painting is not employing all its resources in an efficient way ’... A. price and exchange rate stability the upfront benefit it ’ S Guide an intangible product consumers.

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