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Economics Lecture Eight (view source)

Revision as of 14:16, October 24, 2009

48 bytes added ,  14:16, October 24, 2009
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===Easy===
 
===Easy===
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microeconomics (the study of individual “micro” market decisions, companies, consumers)
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definitions: economics, competition, efficiency, microeconomics (the study of individual “micro” market decisions, companies, consumers)
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opportunity cost
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transaction cost
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rational economic action
 
P (price) & Q (quantity or output)
 
P (price) & Q (quantity or output)
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scarcity: wants exceed free availability.  Scarcity is what makes economics meaningful.
 
scarcity: wants exceed free availability.  Scarcity is what makes economics meaningful.
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opportunity cost
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transaction cost
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rational economic action
      
utility
 
utility
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