Topic 1.1 Nature of economics student version
... thing (e.g. buying a ___________) then they cannot be used for something else (e.g. buying a ___________). This is called opportunity cost. ...
... thing (e.g. buying a ___________) then they cannot be used for something else (e.g. buying a ___________). This is called opportunity cost. ...
Economics HL - International Baccalaureate
... strategies, skills and attitudes that permeate the teaching and learning environment. In the DP, students develop skills from five ATL categories: thinking, research, social, self-management and communication. To ensure both breadth and depth of knowledge and understanding, students must choose six ...
... strategies, skills and attitudes that permeate the teaching and learning environment. In the DP, students develop skills from five ATL categories: thinking, research, social, self-management and communication. To ensure both breadth and depth of knowledge and understanding, students must choose six ...
History of Economics
... • The Austrians saw markets and competition as a method for discovering information • In the Austrian view, prices were an information signal in the market. • They thought the competition led to desirable decentralized social planning. • They also proposed that the business cycle was created based u ...
... • The Austrians saw markets and competition as a method for discovering information • In the Austrian view, prices were an information signal in the market. • They thought the competition led to desirable decentralized social planning. • They also proposed that the business cycle was created based u ...
Essential Question: What are the similarities and differences in
... Graphic Organizer to record your information ...
... Graphic Organizer to record your information ...
Examen AIO Juni 2008
... 1) Do the following facts facilitate collusion, make it harder or ambiguous (explain if ambiguous)? a. Few companies of the same size b. Cross-ownership c. Excess capacity d. Higher buyer concentration e. High fixed sunk cost for entrants 2) Price parallelism can be seen as harmful for consumers. En ...
... 1) Do the following facts facilitate collusion, make it harder or ambiguous (explain if ambiguous)? a. Few companies of the same size b. Cross-ownership c. Excess capacity d. Higher buyer concentration e. High fixed sunk cost for entrants 2) Price parallelism can be seen as harmful for consumers. En ...
The Logic of Collective Action
... with common interests. • Organizations provide public or collective goods to its members: goods must be available to everyone if they are available to anyone. • When organizations are large, it is in the individual interest of the members to let others pay the burden or costs of the organization ...
... with common interests. • Organizations provide public or collective goods to its members: goods must be available to everyone if they are available to anyone. • When organizations are large, it is in the individual interest of the members to let others pay the burden or costs of the organization ...
Hastings1-Introducti..
... produce good and services to satisfy human wants as fully as possible. (Hastings) Economics is a social science that deals with how consumers , producers and societies choose among the alternative uses of scarce resources in the process of producing, consuming and exchanging good and services. (Pe ...
... produce good and services to satisfy human wants as fully as possible. (Hastings) Economics is a social science that deals with how consumers , producers and societies choose among the alternative uses of scarce resources in the process of producing, consuming and exchanging good and services. (Pe ...
Micro_Module 64-28
... Price versus Quantity Competition • Joseph Bertrand (1822-1900) showed that when firms are selling an identical product, oligopolists will repeatedly lower price to undercut the competition. This process ends at the perfectly competitive outcome where P=MC. • Augustin Cournot (1801-1877) focused on ...
... Price versus Quantity Competition • Joseph Bertrand (1822-1900) showed that when firms are selling an identical product, oligopolists will repeatedly lower price to undercut the competition. This process ends at the perfectly competitive outcome where P=MC. • Augustin Cournot (1801-1877) focused on ...
4 - BrainMass
... 4.8 Income Elasticity. Ironside Industries, Inc. is a leading manufacturer of tufted carpeting under the Ironside brand. Demand for Ironside's products is closely tied to the overall pace of building and remodeling activity and, therefore, is highly sensitive to changes in national income. The carpe ...
... 4.8 Income Elasticity. Ironside Industries, Inc. is a leading manufacturer of tufted carpeting under the Ironside brand. Demand for Ironside's products is closely tied to the overall pace of building and remodeling activity and, therefore, is highly sensitive to changes in national income. The carpe ...
Chapter 8: Competitive Firms and Markets
... • We learned firms’ production and cost functions. • In this chapter, we study how firms use those information to reach the most efficient outcome and how market equilibrium is determined. ...
... • We learned firms’ production and cost functions. • In this chapter, we study how firms use those information to reach the most efficient outcome and how market equilibrium is determined. ...
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.