¤COMMODITY¤
a good regarded
in economics as the
basis of exchange
¤MONOPOLY¤
monopoly is
a market in which there is
only one seller
¤MARKET¤
market is a place
in which buyers and sellers
meet and exchange goods
¤CAPITAL¤
in economics
one factor of production
is the capital
¤REVENUES¤
in economics
the revenues or incomes
are sources of money
¤SCARCITY¤
scarcity is the
rarity of the supply.
it increases price
¤OPPORTUNITY COST¤
O.C. stands for the
opportunity cost or
the income forgone
¤PRICE¤
price reflects products.
it's the value of products.
price may cause changes.
¤LAW OF DEMAND¤
an increase in price
will decrease in the demand
and is vice versa
¤LAW OF SUPPLY¤
an increase in price
will increase in the supply
and is vice versa
¤LAW OF SUPPLY AND DEMAND¤
a change in the price
results a change in supply
also in demand
¤PUBLIC GOOD¤
public good is good
that is non-rivalrous and
non-excludable
¤PROFIT MAXIMATION¤
a firm determines
price and output level that
gives greatest profit
¤FACTOR MARKETS¤
refers to markets
where factors of production
are both bought and sold
¤FACTOR DEMAND¤
the factor demand
relates the factor price and
factor quantity
¤FACTOR SUPPLY¤
the factor supply
relates the factor price
and factor quantity
¤EXTERNALITIES¤
an impact on a
party that's not directly
in the transaction
¤EQUILIBRIUM¤
equilibrium
the balance between the
economic forces
¤MARKET STRUCTURE¤
market structure is
market characteristics
where firms interact
¤MARKET VARIATION¤
the market variants
of the supply and demand
and in the prices
¤MARKET FORCES¤
effect of supply
and demand on the trading
within free market
¤GRAPHS¤
the graphs are use to
illustrate quantities use
in economics
¤COST AND PRODUCTION¤
cost and production
are both important factors
in economics
¤PRICE DETERMINATION¤
price is determined
by the forces of the demand and
of the supply
¤CONSUMER CHOICE THEORY¤
the theory about
limited income but many
consumer choices
