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Economics Lecture Eight (view source)

Revision as of 14:43, October 26, 2009

133 bytes added ,  14:43, October 26, 2009
→‎Easy: better
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*definitions: economics, competition, efficiency, microeconomics (the study of individual “micro” market decisions, companies, consumers)
 
*definitions: economics, competition, efficiency, microeconomics (the study of individual “micro” market decisions, companies, consumers)
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*scarcity: wants exceed free availability.  Scarcity is what makes economics meaningful.
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*scarcity (when "wants" exceed free availability of the good; scarcity is what makes economics meaningful)
 
*opportunity cost
 
*opportunity cost
 
*transaction cost
 
*transaction cost
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*short run (period when only some inputs are increased in order to increase output; e.g. overtime)
 
*short run (period when only some inputs are increased in order to increase output; e.g. overtime)
 
*long run (period when any and all inputs are increased to increase output; e.g., build new stadium)
 
*long run (period when any and all inputs are increased to increase output; e.g., build new stadium)
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*time is money
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*inflation, CPI (consumer price index for a "basket" of basic goods, in order to measure inflation)
    
===Medium===
 
===Medium===
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