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Microeconomics

The Basic Economics Problem

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The Basic Economics Problem

The Basic Economics Problem The highlighted sentence are copying from the textbooks Scarcity ? the resources that are limited in supply so that people have to make choice to buy them. Free Goods - the resources that are unlimited in supply, like air and water on the earth. Economics Goods - the resources that are limited in supply and they are scarce. People have infinite needs and wants but there are limited resources on the earth, so that people have to make choice and have the trade-off when buying the resources. E.g. People want a big house or big flat, but there are limited lands (resources). They want so expensive food like shark fins but there are limited shark for hunting.

AP Economics Chapter 7 Notes

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Economics
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Pricing
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Supply and demand
Monopoly
Demand curve
Economic equilibrium
Price ceiling
supply

Chapter 7 Notes Sect 1 Idea of demand centers on people being both willing and able to pay for a product or service In a market economy, consumers collectively have a great deal of influence on the prices of all goods and services. Demand: The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period. Supply: The amount of a good or service that producers are able and willing to sell at various prices during a specified time period Market: The process of freely exchanging goods and services between buyers and sellers. A market for a particular item or service can be local, national, international, or a combination of these

AP Macroeconomics Unit 1 Study Guide

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supply
Business

AP Macroeconomics UNIT 1 Study Guide (Chapters 1-3) Part 1: Multiple Choice (36 questions, 2 points each) 1. Provide a definition for scarcity as it relates to economics 2. Understand the concept of opportunity cost and be able to apply it to a real life scenario (I.e. going out rather than studying for this test) 3. Provide a definition for the production possibilities curve as it relates to the allocation of resources in a society. 4. Describe the shape for a production possibilities curve as it relates to constant or increasing opportunity costs. 5. Provide a definition for the market mechanism. 6. Describe Karl Marx?s approach to the 3 basic economic questions

Economics Notes

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Behavior
Economics
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Scarcity
Human behavior
Value theory
Resource
Attachment theory
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Business
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economics
Economic theories
Consumer theory
Marginal concepts
Microeconomics
Welfare economics
Supply and demand
Marginalism
Production–possibility frontier
Marginal utility
demand
Externality
Business

Crowding Out - is what happens when a mega sports event attracts fanatics but drive agnostics away Substitution - when consumers shift their spending, instead of increasing their overall consumption Leakage - the tendency for money to circulate out of rather than through a local economy Economics - Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants (study of how individuals and societies deal with scarcity) What is economics? -science of scarcity (the condition in which our wants are greater than our limited resources) -since we are unable to have everything we desire, we must make choices on how we use our resources -in economics we will study the choices of individuals, firms and governments

Micro Economy Chapter 4

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Text transcription of Chapter 4 ? The Market Forces of Supply and Demand Welcome to the Chapter 4 Lecture on the Market Forces of Supply and Demand. This is the longest chapter for Unit 1, with the most material. We will use the concepts of supply and demand throughout the rest of the semester. It is very important that you understand these concepts now; otherwise future chapters will be very confusing.

Microeconomics

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Microeconomics

How Resource Prices are Determined: Marginal Product Theory Marginal Productivity Theory is the heart of the factor market unit. You must master the details of marginal productivity and complex terminology such as marginal physical product (MPP), marginal revenue product (MRP), marginal resource cost (MRC), and the MRP = MRC rule before you can grasp the main concepts. Furthermore, you must understand that the demand for a resource is derived from the demand for the goods and the services produced by that resource. Finally, you must understand how a firm hires resources when more than one resource is involved. The material covered in activities 44-47 is the most emphasized factor market questions on the AP Exam.

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