Study with Quizlet and memorize flashcards containing terms like Economics is the study of, Resources, Labor and more.
Study with Quizlet and memorize flashcards containing terms like The study of economics is the study of the ___1___ and how we optimize choices based on constraints, also known as ___2___., What are the four types of resources?, What is marginal
Microeconomics includes the study of: a firm's pricing policies. A basic difference between microeconomics and macroeconomics is that: microeconomics examines the choices made by individual participants in an economy, whereas macroeconomics considers the economy's overall performance. An economic policy is...
Macroeconomics, on the other hand, is the study of a national economy as a whole. Production possibilites frontier a curve that shows the maximum attainable combos of 2 goods that can be produced what does the PPF assume? fixed set of resources, constant level of technical knowledge, and ...
the study of how the allocation of resources affects economic well-being consumer surplus the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it- it is the area below the demand curve and above the price Producer Surplus the amount a seller is pai...
When a tax is placed on the sellers of lemonade... the burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal. Welfare economics is the study of... how the allocation of resources affects economic well-being. On a graph, ...
Microeconomics Quiz 1 儲存 單詞卡 學習 方塊 新功能 Microeconomics 點擊卡片即可翻轉 👆 Study of economics from a minimal view, an analysis of the businesses, households, and consumers to make decisions with limited available resources. 點擊卡片即可翻轉 👆...
Study with Quizlet and memorize flashcards containing terms like What is scarcity?, Since we are unable to have everything we desire, we must make ___ on how we will use our __, Economics is the study of and more.
Study with Quizlet and memorize flashcards containing terms like Total revenue minus total cost is equal to, Economists consider both explicit costs and implicit costs when measuring economic profit. The reason economists consider implicit costs is that,
Assets used in the production of a good which are found in the natural environment Trade Cap A limit to the amount of a good that can be imported or exported Microeconomics The study of individuals and their decisions Opportunity Cost The cost of the next best opportunity a person gives up ...