economics_for_manager, Role in market equilibrium.

May 20th, 2015
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microeconomics the study of the behavior of individual consumers, firms, and industries and the determination of market prices and quantities of good, services, and the factors of production.

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TermsDefinitionsmicroeconomicsthe study of the behavior of individual consumers, firms, and industries and the determination of market prices and quantities of good, services, and the factors of production.macroeconomicsthe study of aggregate economic activity. It investigates how the economy as a whole works.ceteris paribusall other things being held equal.positive economicsmatters if economics that can be proven to be right or wrong by looking at the facts.normative economicsmatters of economics that are based upon opinion and so are incapable of being proved to be right or wrong.scarcitythe limited availability of economic resources relative to society's unlimited demand for goods and services.landthe physical factor of production. it consists of natural resources, some of which are renewable and some of which are non-renewable.labourthe human factor of production. it is the physical and mental contribution of the existing work force to production.capitalthe factor of production that comes from investment in physical capital and human capital.physical capitalthe stock of manufactured resources.human capitalthe value of the workforceentrepreneurshipthe factor of production involving organising and risk-taking.opportunity costit is the next best alternative forgone when an economic decision is made.free goodgoods or services which are unlimited in supply and have no opportunity cost are free goods. a free food has an unlimited supply ad market

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