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MicroEconomics

TermDefinition
Circular-Flow Diagram A visual model of the economy that shows how dollars flow through markets among households and firms
Production Possibilities Frontier A graph that shows the combination of output that the economy can possibly produce given the available factors of production and the available production technology
Efficient Levels of Production The Economy is getting all it can; from the scarce resources available; the only way to produce less of the other good
Inefficient levels of production Points "Inside" production possibilities frontier
Opportunity Cost Give up producing the other good;slope of the production possibilities
Microeconomics The study of how households and firms makes decisions; and how they interact in markets
Macroeconomics The study of economy-wide phenomena, including inflation, unemployment, and economic growth
Decision Makers Firms and households
Markets For gods and services For factors of production
Firms Produce goods and services Use factors of production / inputs
Households Own factors of production Consume goods and services
Markets for goods and Services Firms – sellers Households – buyers
Markets for inputs Firms – buyers Households - sellers
Production possibilities frontier a graph-combinations of output that the economy can possibly produce-Given the available Factors of production Production technology
Efficient Levels Of Production The economy is getting all it can From the scarce resources available Points on the production possibilities frontier Trade-off: The only way to produce more of one good Is to produce less of the other good
Inefficient levels of production Points inside production possibilities frontier
Opportunity cost of producing one good Give up producing the other good Slope of the production possibilities frontier
Positive Statements Claims that attempt to describe the worlds as it is: for of a fact
Normative Statements Claims that attempt to prescribe how the world should be; more of an opinion
Created by: robtyson26
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