AMPP Chapter 1_Vocab
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- Deals with the behavior workers, investors, owners of land, business firms.
- How economic units interact to form larger units- markets and industries
Analysis describing relationships of cause and effect
Analysis examining questions of what ought to be
Collection of buyers and sellers that, through their actual or potential interactions, determine the price of a product or set of products.
Practice of buying at a low price at one location and selling at a higher price in another.
Perfectly competitive Market
Marekt with many buyers and sellers, so that no single buyer or seller has a significant impact on price.
Price prevailing in a competitive market
Extent of a Market
Boundaries of a market, both geographical and in terms of range of products produced and sold within it.
- Absolute price of a good, unadjusted for inflation.
- Current Dollar
- Price of a good relative to an aggregate measure of prices; Price adjusted for infaltion
- Constant Dollar
Consumer Price Index
- Measure of the aggregate price level.
- Percentage changes in the CPI measure the rate of infaltion in the economy
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