Who can help me define all these economic terms from my microeconomic 2021 class
ID: 1093793 • Letter: W
Question
Who can help me define all these economic terms from my microeconomic 2021 class?
Measurement and Relationships
Graphing
Percent change (but not annual growth rate)
Basic Definition of Economics
Three basic questions for every economy
Rational Decision-making
Economic Benefits
Economic Costs
Opportunity Costs
Marginal Costs
Marginal Benefits
Sunk Costs
Adam Smith
David Ricardo
Social and Political Forces
Efficiency
Equity
Lorenz Curve
Positive Economics
Normative Economics
Assumptions and Theory
Experimental and Observational data
Cross-sectional and Time-series data
Rational Models and Behavioral Models
Production Possibility Frontier (definition & graph)
Opportunity Cost of Production
Factors of Production
Inputs
Resources
Output
Production
Efficiency in terms of Production
Inefficiency in terms of Production
Impossible/Infeasible Production
Absolute Advantage
Comparative Advantage
Specialization and Gains from Trade
Technological Advances
Growth in Resources
Assumption of constant opportunity cost
Assumption of insignificant transportation costs
Assumptions of costless resource switching
Advantages and Disadvantages with Trade
Demand
Quantity Demanded
Willingness To Pay
Quantity and WTP
Factors that influence Demand
Shifting Demand
Identifying parts of Demand on a graph
Supply
Quantity Supplied
Quantity and Cost of Production
Factors that Influence Supply
Shifting Supply
Identifying parts of Supply on a graph
Pricing Mechanism
Equilibrium Price
Equilibrium Quantity
Market Shortages
Market Surpluses
Efficient Market outcomes
Inefficient Market outcomes
Comparative Statistics
Lorenz Curve
Gini Coefficient
Explanation / Answer
Given how critical Relationships are to the success of most organizations, it is amazing how little we actually know about them.
Typically, we use generalizations such as
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