MicroEconomics
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| Circular-Flow Diagram | A visual model of the economy that shows how dollars flow through markets among households and firms
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| 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
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| 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
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| Inefficient levels of production | Points "Inside" production possibilities frontier
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| Opportunity Cost | Give up producing the other good;slope of the production possibilities
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| Microeconomics | The study of how households and firms makes decisions; and how they interact in markets
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| Macroeconomics | The study of economy-wide phenomena, including inflation, unemployment, and economic growth
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| Decision Makers | Firms and households
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| Markets | For gods and services
For factors of production
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| Firms | Produce goods and services
Use factors of production / inputs
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| Households | Own factors of production
Consume goods and services
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| Markets for goods and Services | Firms – sellers
Households – buyers
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| Markets for inputs | Firms – buyers
Households - sellers
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| Production possibilities frontier | a graph-combinations of output that the economy can possibly produce-Given the available
Factors of production
Production technology
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| 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
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| Inefficient levels of production | Points inside production possibilities frontier
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| Opportunity cost of producing one good | Give up producing the other good
Slope of the production possibilities frontier
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| Positive Statements | Claims that attempt to describe the worlds as it is: for of a fact
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| Normative Statements | Claims that attempt to prescribe how the world should be; more of an opinion
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
robtyson26
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