Microeconomics C718
https://www.acdcecon.com/micro-econ-videos watch these, the WGU videos are trash,
so is the material.
https://quizlet.com/329569713/flashcards
The floor is the ceiling and the ceiling is the floor.
Market Equilibrium
Supply, or Marginal Cost, equals Demand, or Marginal Benefit
Inferior
When your income increases you buy less of this kind of good. The demand curve for
this good will shift left as income increases. (Ramen Noodles, Spam, Expired
Products, Cheap Meat)
Normal
When your income increases you buy more of this kind of good. The demand
curve for this good will shift to the right as income increases.
Economics
the study of how people, individually and through institutions, make decisions
about producing and consuming goods and services, and how they face the
problem of scarcity.
Microeconomics
describes the interactions of producers and consumers in individual
markets, such as the market for cars.
macroeconomics
The study of the economy as a whole is called .
Elastic
If the absolute value of the price elasticity of demand is great than 1, then
demand for the product is .
Inelastic
If the absolute value of the price elasticity of demand is less than 1, then demand
for the product is .
Perfectly elastic demand
When the demand curve is a
horizontal line Oligopolistic
Competition
,Few number of firms, homogenous or differentiated products, mutual
interdependence over price, SIGNIFICANT BARRIERS, advertising and brand
names as nonprice competition EXP : Appliances, automobiles
Law of diminishing marginal utility
The more you have the less you'll want. Each additional unit of a good provides less
utility. This law explains the downward sloping of the demand curve.
,
https://www.acdcecon.com/micro-econ-videos watch these, the WGU videos are trash,
so is the material.
https://quizlet.com/329569713/flashcards
The floor is the ceiling and the ceiling is the floor.
Market Equilibrium
Supply, or Marginal Cost, equals Demand, or Marginal Benefit
Inferior
When your income increases you buy less of this kind of good. The demand curve for
this good will shift left as income increases. (Ramen Noodles, Spam, Expired
Products, Cheap Meat)
Normal
When your income increases you buy more of this kind of good. The demand
curve for this good will shift to the right as income increases.
Economics
the study of how people, individually and through institutions, make decisions
about producing and consuming goods and services, and how they face the
problem of scarcity.
Microeconomics
describes the interactions of producers and consumers in individual
markets, such as the market for cars.
macroeconomics
The study of the economy as a whole is called .
Elastic
If the absolute value of the price elasticity of demand is great than 1, then
demand for the product is .
Inelastic
If the absolute value of the price elasticity of demand is less than 1, then demand
for the product is .
Perfectly elastic demand
When the demand curve is a
horizontal line Oligopolistic
Competition
,Few number of firms, homogenous or differentiated products, mutual
interdependence over price, SIGNIFICANT BARRIERS, advertising and brand
names as nonprice competition EXP : Appliances, automobiles
Law of diminishing marginal utility
The more you have the less you'll want. Each additional unit of a good provides less
utility. This law explains the downward sloping of the demand curve.
,
