Economic Utilities - Westmoreland Central School
... opportunities to better satisfy customers' wants and needs, the result is a larger variety of goods and services. Example: Personal computers have become smaller, more powerful, and less expensive through competition between makers. ...
... opportunities to better satisfy customers' wants and needs, the result is a larger variety of goods and services. Example: Personal computers have become smaller, more powerful, and less expensive through competition between makers. ...
SECOND ORDER ECONOMICS AS AN EXAMPLE OF SECOND
... The 2008 financial crisis produced a rapid return to an earlier economic theory (e.g., Keynes’s recommendation for government intervention during a recession). This change from the widespread belief in the near universal utility of markets has called attention to oscillations in economic thought, no ...
... The 2008 financial crisis produced a rapid return to an earlier economic theory (e.g., Keynes’s recommendation for government intervention during a recession). This change from the widespread belief in the near universal utility of markets has called attention to oscillations in economic thought, no ...
Evolutionary Economics
... firm = a repertoire of modes of behaviour (mob) mob = a rule (routine) for making decisions or for the production of a product in a multi-product firm. ...
... firm = a repertoire of modes of behaviour (mob) mob = a rule (routine) for making decisions or for the production of a product in a multi-product firm. ...
CPI (Consumer Price Index) and Inflation
... • Inflation left unchecked and the money supply continues to grow too quickly- prices rise rapidly • Germany in 1920’s • This week you buy the loaf of bread for $1, next week it is $50 ...
... • Inflation left unchecked and the money supply continues to grow too quickly- prices rise rapidly • Germany in 1920’s • This week you buy the loaf of bread for $1, next week it is $50 ...
Chapter 17
... MARGINAL ANALYSIS--evaluating the change in total revenue and total cost from selling one more unit--to find the most profitable price and quantity. Demand estimates involve "if-then" thinking Profit is the difference between total revenue and total cost Profit maximization with total revenue ...
... MARGINAL ANALYSIS--evaluating the change in total revenue and total cost from selling one more unit--to find the most profitable price and quantity. Demand estimates involve "if-then" thinking Profit is the difference between total revenue and total cost Profit maximization with total revenue ...
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.