Define the market equilibrium. Write down the definition of the following economic terms: Inflation Define or describe the following term: Microeconomics. Explain the aggregate consumption theory of Keynes. What is meant by the term 'scarcity' in economics?
In economics, differentiate between free market and market equilibrium. How would you describe the difference between macroeconomics and microeconomics to a classmate? Explain the main concepts of income in economics. Explain the term "enterprise" as it relates to business and economics. ...
Consider our competitive market described by the supply and demand model. If there are no externalities, explain why economists describe the competitive equilibrium as efficient. Define the government budget constraint, the tax base and the marginal tax rate. ...
Individual market equilibrium Effects of government regulation on individual markets Externalities and other market side effects Microeconomics concerns itself with the behavior of individual markets, such as the markets for oranges, cable television, or skilled workers, as opposed to overall markets for p...
Sources of Long-Run Growth Sustained growth in real GDP per capita occurs only when the amount of output produced by the average worker increases steadily. The term labor productivity, or productivity for short, is used to refer to output per worker. For the economy as a whole, productivity—...
Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand. —Pa...
….. 6 WORKING OF THEFREEMARKETSYSTEM……….. 8 DEMAND……….. 9 SUPPLY……… 10 EQUILIBRIUMPRICE12 FUNCTIONS OFPRICE………. 13 INTRODUCTION AMarketsystem is the social network that permits interaction between buyers and sellers PremiumSupply and demandMarket economy 1211 Words 5 Pages Good Es...
- 《Economics Working Papers》 被引量: 259发表: 1987年 With timing options and heterogeneous costs, the lognormal diffusion is hardly an equilibrium price process for exhaustible resources The report analyses the possibility that the lognormal diffusion process should be an equilibrium spot price proc...
Define the term "behavioral economics" and explain how it is applied to consumers in the study of economics. Explain the term political economy. How can we define "production" in economics? Define the term "equilibrium" in an economic context. ...
Define: - The demand of a product or service in the market - Supply - Equilibrium Price - Equilibrium Quantity Define the demand for money. Explain both the motives for holding money and the factors determining the level of money demand. Which one comes first aggregate demand ...