Economic Geography - Russell County Moodle
... Reason why countries engage in trade • To import goods and services that they need • To export goods and services that they can market for profit ...
... Reason why countries engage in trade • To import goods and services that they need • To export goods and services that they can market for profit ...
C`(q)
... When applying calculus to economics we are making approximations. True functions in economics jump from value to value. However, because the jumps are small, we can approximate with continuous functions. ...
... When applying calculus to economics we are making approximations. True functions in economics jump from value to value. However, because the jumps are small, we can approximate with continuous functions. ...
Economic Factors Influencing Design
... an advantage over the other. If a shortage of capital goods develops, people will be willing to pay higher prices for those goods, and more workers will work on making them. In time, this will create a shortage of consumer goods, and workers will be drawn back toward making them. Likewise, when the ...
... an advantage over the other. If a shortage of capital goods develops, people will be willing to pay higher prices for those goods, and more workers will work on making them. In time, this will create a shortage of consumer goods, and workers will be drawn back toward making them. Likewise, when the ...
Spring 2012
... (d) Are equilibrium allocations the same as the ones that solve the social planning problem? If they are the same, provide an example of how the economy could be modified so that equilibrium and planner allocation do not coincide. (e) Derive a log-linearized version of the first order condition for ...
... (d) Are equilibrium allocations the same as the ones that solve the social planning problem? If they are the same, provide an example of how the economy could be modified so that equilibrium and planner allocation do not coincide. (e) Derive a log-linearized version of the first order condition for ...
Chapter 14
... Buyers and sellers have absolutely no effect on price Three characteristics: Absence of transaction costs Product homogeneity: products are identical in the eyes of their purchasers Presence of a large number of sellers, each accounts for a small fraction of market supply ...
... Buyers and sellers have absolutely no effect on price Three characteristics: Absence of transaction costs Product homogeneity: products are identical in the eyes of their purchasers Presence of a large number of sellers, each accounts for a small fraction of market supply ...
Microeconomics
Microeconomics (from Greek prefix mikro- meaning ""small"") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.This is in contrast to macroeconomics, which involves the ""sum total of economic activity, dealing with the issues of growth, inflation, and unemployment."" Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior.One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics also analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.