total OUTPUT of a ntion and the way the nation ALLOCATES its limited resources of land, labor, and capital in an attempt to maximize production levels and promote trade and growth for future generations
What are Key Concepts in Energy Economics?
Supply & Demand = how much of a product will a consumer buy and how much will the producer produce?
Elasticity vs. Inelastic Demand = how flexible is the price of a product before demand will change?
Economy = how will the production and consumption of a product effect the overall income of a country?
What is the Law of Demand and Supply?
Demand Curve = HIGHER the price, LOWER the quantity demanded