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    Microeconomics
    Microeconomics
    Microeconomics
    Ebook61 pages32 minutes

    Microeconomics

    By BarCharts, Inc.

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    About this ebook


    With the economy currently in turmoil, understanding how businesses and consumers interact is more important than ever—for business owners and students of economics, alike. A handy, fluff-free resource tool, our 3-panel (6-page) guide simplifies the world of microeconomics through the use of definitions, formulas and full-color tables and charts.
    LanguageEnglish
    PublisherBarCharts, Inc.
    Release dateNov 30, 2009
    ISBN9781423212256
    Microeconomics

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      Book preview

      Microeconomics - BarCharts, Inc.

      Microeconomics

      OVERVIEW

      ECONOMICS: The study of how scarce resources are allocated among competing uses.

      KEY ECONOMIC QUESTIONS INCLUDE:

      What is produced?

      How is it produced?

      Who gets what is produced?

      PRODUCTION POSSIBILITY FRONTIER: The alternative combinations of final goods and services that could be produced in a given time period with all available and limited resources and technology.

      Illustrates opportunity cost: Obtaining more production of one good requires a reduction in the production (lost opportunity) of one or more other goods.

      Law of increasing opportunity cost: Obtaining more of a good in equal amounts requires giving up ever larger amounts of the alternative good.

      Inside frontier: Unemployed resources or resources used inefficiently. 4. Expanding frontier: Occurs (a) when resources are increased and/or (b) due to technological advancements.

      HOW CHOICES ARE MADE:

      Market mechanism: Supply and demand determine the price; owners allocate resources to obtain the highest monetary rewards.

      Command economy: Central authority determines the price and allocates resources to achieve goals.

      Mixed: An economy that uses both market and non-market signals to allocate goods and resources.

      MACROECONOMICS: The study of economic aggregates such as national production and the price level.

      MICROECONOMICS: The study of the behavior of consumers and producers operating in the individual markets of the economy.

      Microeconomics

      SUPPLY & DEMAND DEMAND

      DEMAND CURVE (SCHEDULE): A curve (table) showing the quantities of a good a consumer is willing and able to buy at alternative prices.

      LAW OF DEMAND: Increase in price (P) causes decrease in quantity (Q) demanded.

      CHANGE IN QUANTITY DEMANDED(Movement along the demand curve): Caused by a change in the price of the given good.

      CHANGE IN DEMAND (Shift in the entiredemand curve): Results from changes in tastes, income, personal taxes, prices of related goods (substitutes or complements), expected future price or quantity, number of buyers, or a change in planned consumption at all prices.

      SUPPLY

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