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Microeconomics

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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.
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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
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