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Chapter 6: Markets, Maximizers, & Efficiency Notes

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Economics [1]
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Economics [2]
Economy [3]
Microeconomics [4]
Costs [5]
Marginal concepts [6]
Economics laws [7]
Welfare economics [8]
Market [9]
Marginal cost [10]
Cost curve [11]
Demand [12]
Supply and demand [13]

Economics Chapter 6: Markets, Maximizers, and Efficiency Start Up: A Drive in the Country Suppose you decide to take a drive. For purposes in this example, we?ll assume that you have a car, that the weather is nice, and there?s an area nearby that?ll be perfect for the drive. Your decision to take a drive is a choice. Since economics deal w/ choices, we can put econ. To work in thinking about it. Economists assume that people make choices that maxes utility Utility is the satisfaction you gain from your use of goods/services and from activities you do You plan to enjoy the drive; the enjoyment is the benefit you expect. But, you?ll give up some things as well.

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