Key Terms
... Factors of production that are used in the production of goods and services, including human, natural, capital and ...
... Factors of production that are used in the production of goods and services, including human, natural, capital and ...
11.Other sources of market failure HL only
... monopolists and oligopolists able to restrict output and raise prices. They can also prevent new firms from entering the industry. Governments will often regulate markets where imperfect competition is highly evident. Market failure also exists when an economic decision is made based on incomplete i ...
... monopolists and oligopolists able to restrict output and raise prices. They can also prevent new firms from entering the industry. Governments will often regulate markets where imperfect competition is highly evident. Market failure also exists when an economic decision is made based on incomplete i ...
Thinking Like an Economist
... Microeconomics: the study of how households and firms make decisions and how they interact in markets Macroeconomics: the study of economywide phenomena, including inflation, unemployment, and economic growth Micro economics and macroeconomics are closely intertwined but the two fields are dis ...
... Microeconomics: the study of how households and firms make decisions and how they interact in markets Macroeconomics: the study of economywide phenomena, including inflation, unemployment, and economic growth Micro economics and macroeconomics are closely intertwined but the two fields are dis ...
II. Three Basic Questions III. Factors of Production
... – Gross Domestic Product (GDP): the dollar value of all final goods, services, and structures produced within a country’s borders in a 12-month period • Key indicator of nation’s economic health ...
... – Gross Domestic Product (GDP): the dollar value of all final goods, services, and structures produced within a country’s borders in a 12-month period • Key indicator of nation’s economic health ...
lc_econ_firstlecture
... • Economists try to address their subjects with a scientist’s objectivity. – They make appropriate assumptions and build simplified models in order to understand the world around them. – Two simple economic models are the circular-flow diagram and the production ...
... • Economists try to address their subjects with a scientist’s objectivity. – They make appropriate assumptions and build simplified models in order to understand the world around them. – Two simple economic models are the circular-flow diagram and the production ...
Introduction to Economics Notes Assignment
... the basic economic problem characteristic of resources and wants the two words that describe a good and the two words that describes a service sentence that indicates what scarcity requires of us the two definition of economics the two things that help to determine how society deals with the problem ...
... the basic economic problem characteristic of resources and wants the two words that describe a good and the two words that describes a service sentence that indicates what scarcity requires of us the two definition of economics the two things that help to determine how society deals with the problem ...
An Economic Way of Thinking
... focusing on what we do well and then trading with others, we will end up with more and better choices than by doing everything for ourselves ...
... focusing on what we do well and then trading with others, we will end up with more and better choices than by doing everything for ourselves ...
Digital Economy
... vary by location, with locations with fewer offline options generating a larger benefit from digitization. Furthermore, online retailers of digital goods can carry many more products and never worry about running out of inventory. Even if a song only sells a handful of times, it is still profitable ...
... vary by location, with locations with fewer offline options generating a larger benefit from digitization. Furthermore, online retailers of digital goods can carry many more products and never worry about running out of inventory. Even if a song only sells a handful of times, it is still profitable ...