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Microecon:Elasticity
Elasticity
Question | Answer |
---|---|
what are the economic Principles (1-7) | Tradeoffs, Opportunity Cost, Thinking on the margin, Incentives, Trade can make an economy better, Market economy and, Government can improve market outcome. |
Trade off's | A situation that involves losing or giving up one thing for something else. |
Opportunity Cost | Is what you give up to get something. |
Thinking at the Margin | |
Incentives | Something that induces a person to act. |
Market Economy | An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services. |
what is a market change | small incremental changes on the (margin)edge of what you are doing |
Government in the market | enforce laws, increase efficiency when there is market failure, and promotes equality |