Economics

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Author:
sebahoun
ID:
171424
Filename:
Economics
Updated:
2012-09-17 09:29:39
Tags:
Principles Economics
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Description:
Chapter 1
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  1. Three fundamental cost
    • Oppotunity cost
    • Maginalism
    • efficient markets
  2. Opportunity cost
    the best alternative that you fargo, when you make a choice or decision
  3. Marginalism
    the process of analyzing and additonal cost or benefit from an upcoming decision.
  4. Sunk Cost
    Cost that cannot be avoided beacause it already been incurred
  5. Efficeint market
    No free lunch. Market where the is limited. Rarely found.
  6. Microeconomics
    branch that is specifically for individual industries. EX buisness firm, household.
  7. Macroeconomics
    Branch that is that examine economic as a whole. EX income, employmant, output, on natinal scale.

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