Select a forum to post in:

Microeconomics

Miscellaneous topics

Moderators: Jessica, Teachers

Microeconomics

Post Number: #1  Postby Jessica » December 27th, 2012, 7:03 pm

INTRODUCTION - What is Economics?

Terms

An economy is a well-functioning system for coordinating activities that create the goods and services people want and get them to the people who want them.

A market economy is where production and consumption are the result of decentralized decisions by many firms and individuals. There is no central authority telling people what to produce or where to ship it. Each individual producer makes what he or she thinks will be most profitable; each consumer buys what he or she chooses.

A command economy is where a central authority makes decisions about production and consumption.

Microeconomics is the study of how individuals make decisions and how these decisions interact.
  • 0

User avatar
Jessica
Board Owner
Topic Author

Founder
Sapphire
Sapphire
 
7 years of membership7 years of membership7 years of membership7 years of membership7 years of membership7 years of membership7 years of membership
 
Posts: 3,451
Topics: 1,244
Articles: 30
Joined: December 22nd, 2010, 8:04 pm
Local time: April 23rd, 2018, 11:03 pm
Last Visit: Yesterday, 11:52 pm
Location: Pennsylvania
Gender: Female
Cash on hand: 4,514.44
Bank: 132,045.08
Reputation: 148
Medals: 19
#1: July 2012 1st Place (1) R-Contest #1 First Place (1) Best staff member 2013 (1) Easter Egg Hunt 2013 (1) Graphic Drawing Participant (1) 1 Year (1) 2 Years (1) 3 Years (1) 4 Years (1) 5 Years (1)
6 Years (1) 7 Years (1) Founder (1) Highest Rep (1) Referrer (1) Top poster (1) Facebook group (1) Pin-Board (1) Article Author (1)
Referrals: 27
Blog: View Blog (456)
Subject(s): Chinese, Math
Global Moderator
Admin
Moderator

Re: Microeconomics

Post Number: #2  Postby Jessica » January 18th, 2013, 3:22 pm

Scarcity: the quantity available is not large enough to satisfy all productive uses

Benefit-Cost: Choosing one alternative over another generates both costs and benefits
  • 0

User avatar
Jessica
Board Owner
Topic Author

Founder
Sapphire
Sapphire
 
7 years of membership7 years of membership7 years of membership7 years of membership7 years of membership7 years of membership7 years of membership
 
Posts: 3,451
Topics: 1,244
Articles: 30
Joined: December 22nd, 2010, 8:04 pm
Local time: April 23rd, 2018, 11:03 pm
Last Visit: Yesterday, 11:52 pm
Location: Pennsylvania
Gender: Female
Cash on hand: 4,514.44
Bank: 132,045.08
Reputation: 148
Medals: 19
#1: July 2012 1st Place (1) R-Contest #1 First Place (1) Best staff member 2013 (1) Easter Egg Hunt 2013 (1) Graphic Drawing Participant (1) 1 Year (1) 2 Years (1) 3 Years (1) 4 Years (1) 5 Years (1)
6 Years (1) 7 Years (1) Founder (1) Highest Rep (1) Referrer (1) Top poster (1) Facebook group (1) Pin-Board (1) Article Author (1)
Referrals: 27
Blog: View Blog (456)
Subject(s): Chinese, Math
Global Moderator
Admin
Moderator


Return to Topics

Login  •  Register
cron
Reputation System ©'