Microeconomics Test #1
Last Modified: 2011-06-29
Related Textbooks:Microeconomics (Instructor's Review Copy)
1. people are rational.
2.people respond to economic incentives
3. optical decisions are made at the margin
something measureable that can have 2 different values
ex. the wages of software programers
the study of the economy as a whole including topics such as inflation, unemployment, and economic growth
can refer to financial capial or physical capital, or financial capital such as stocks and bonds issued by firms
manufactured goods that are use to produce other goods and services
market meets conditions-
1 many buyers and sellers
2 all firms sellig identical products
3 no barriers to new firms entering the market
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