Impossible to produce more of one good without decreasing another Sunk Costs Costs made in the past that cannot be recovered Utility Satisfaction or value obtained from consuming goods and services 最好的學習方式。免費註冊。 註冊代表你接受Quizlet的服務條款和隱私政策 以Google帳戶繼續 關於...
how do you find marginal costs subtracting a number -how many you made before when is the most efficient level of prodution when mc = atc what is mc = mr called profit maximization 最好的學習方式。免費註冊。 註冊代表你接受Quizlet的服務條款和隱私政策 ...
costs/ benfits A way to to compare the costs of an action with benfits of that action , If benfits costs, then the action is worth taking. scarcity the condition that results because people have limited resources but unlimited wants
Law of Increasing Opportunity Costs As production of one good increases, the opportunity cost of producing additional units rises. PPF and Economic Concepts - *Efficiency*: Points on the curve show efficient use of resources. - *Opportunity Cost*: Moving along the curve requires trade-offs. ...
When a person makes a choice that affects (i.e. imposed costs on) other people that are not accounted for in the market price What is the economic terminology for externalities Externalities are examples of market failures, in which the unregulated market does not lead to an efficient outcome...
Variable costs costs that change directly with the amount of production such as energy supply, transport expenses, labor costs, and other costs relating to the industrialization of an area. Weber's Least Cost Theory when the location of manufacturing establishments is determined by the minimization ...
A rise in the general level of prices that is caused by increasing costs of production/productive inputs, which are passed onto consumers through increases in the general level of prices for goods and services. Demand-pull inflation A rise in the general level of prices tha...
用Quizlet學習並牢記包含Division labor、economic growth、What does the study of economics involve?等詞語及更多內容的單詞卡。
allowed countries such as post WWII Japan to move up in development Bad environment prevented development in SE Asia Value Added The gross value of the product minus the costs of raw materials and energy. 最好的學習方式。免費註冊。 註冊代表你接受Quizlet的服務條款和隱私政策 以Google帳戶繼續...
and they fall faster than the debts are repaid and the debt burden actually gets worse.this cut in spending is deflationary and painful. businesses are forced to cut costs , thus less jobs and higher unemployment. this leads to the next step, debt needs to be reduced. borrowers find themsel...