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Microeconomics

Economics 3.05

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Economics
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Microeconomics
Marginal concepts
Pricing
marketing
economics
Marginal cost
Economic graph
Nike, Inc.
Shoe
Price
Marginal revenue
Attachment theory

What product market did you choose for this data to represent? Explain why. I chose Nike Free Runs because they can reach pretty high prices are a popular type of shoes. At which price and quantity does marginal cost nearly equal marginal revenue without exceeding it? Highlight this point on your graph. Between a quantity of 5 & 6 pairs of shoes at $160. If you were in business for this product, at which price and quantity level would you sell? Explain why. I would sell the shoes for $160 and a quantity of 5 pairs because it?s when I can maximize my profit.
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Ch 1 AP Micro econ

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Economics
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economics
Economic theories
Marginal concepts
Microeconomics
Consumer theory
Marginalism
Marginal utility
Labour economics
Opportunity cost
macroeconomics

01 Limits, Alternatives, and Choices McGraw-Hill/Irwin Copyright ? 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Introduction Economics defined Economic wants exceed productive capacity A social science concerned with making optimal choices under conditions of scarcity LO1 1-* The Economic Perspective Scarcity and Choice Purposeful Behavior Marginal Analysis Resources are scarce Rational self-interest Marginal benefit Choices must be made Individuals and utility Marginal cost Opportunity cost Firms and profit Marginal means extra There?s no free lunch Desired outcomes MB and MC LO1 1-* Theories, Principles, and Models The scientific method Economic principles Generalizations Other-things-equal assumption Graphical expression Observe

Krugman AP Macro Economics Chapter 3

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Economics
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economics
Microeconomics
Costs
Production–possibility frontier
Economic efficiency
Inefficiency
Opportunity cost
Productive efficiency
Production theory
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
Attachment theory
Technology
Business

? Chapter 3: The Production Possibilities Curve Model ? Trade-Off: when you give something up in order to have something else Production Possibilities Curve Model: simplified economy that only produces two goods, able to show trade-off?s more clearly, simplifies the complexities of reality inside/on the curve (shaded area): feasible outside the curve (shaded area): not feasible PPC= production possibilities curve Slope of a straight line production possibilities curve equal to the opportunity cost Outward shift: increase in resources of progress in technology Efficient: no missed opportunities, no way to make some people better off without making other people worse off

Krugman AP Macro Economics Chapter 1

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Economics
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Marginal concepts
economics
Economic theories
Microeconomics
Costs
Marginalism
Value theory
Marginal utility
Labour economics
Marginal cost
Health economics
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
Attachment theory
Technology
Business

Chapter 1: The Study of Economics ? Economics: The study of scarcity and choice- individual choice Individual Choice: Decisions made by an individual of what to/not to do Economy: System that coordinates consumption and distribution of goods/services Market Economy: Decentralized production, publicly owned, no authority saying what to/not to make (ex: United States) Command Economy: Central authority, publicly owner, don?t work very well (ex: Soviet Russia) Problem: lack of motivation, better quality work doesn?t make more money, ineffective supply&demand Property rights: Establishes ownership causing incentive to work and thus production to increase Marginal Analysis: Study of marginal decisions, the pros and cons of doing a little bit more or less

AP Econ questions 2-4

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Economics
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economics
Microeconomics
Capital
Political economy
Labor
Factors of production
Resource
Entrepreneur
Profit
Capital good
Entrepreneurial economics

Christian Boujaoude September 12, 2014 AP Economics Wolff Pd. 3 Study Questions #?s 2-4 2. Economic resources are the natural, human, and manufactured inputs used to produce goods and services. Economic resources fall into four main categories: labor, land, real capital and entrepreneurs. Economic resources are also called factors of production because they are used to produce goods and services. If resources were unlimited and freely available, many of our current choices would be unnecessary. Every person could have as much as they wanted of any good or service, rendering economics, the science of choice, largely unnecessary.

AP Economics questions 9-11

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Economics
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Economic theories
macroeconomics
Microeconomics
Advanced Placement Economics
economics

Christian Boujaoude September 9, 2014 Wolff Pd. 3 AP Economics Chapter 1 Study Questions #9-11 9. I am most committed to free enterprise and goal number 5 is the most valid which is freedom first. Freedom to change jobs or to seek one is of little use in times of high unemployment and no or negative growth. Moreover, such times can well lead to social unrest to such an extent that even the economic freedom of the wealthy is threatened. Progress, stability, justice, and freedom are compatible with the list of goals given in the chapter. 10. a) Macroeconomics b) Microeconomics c) Microeconomics d) Macroeconomics e) Microeconomics f) Macroeconomics 11. a) Positive b) Normative c) Positive d) Normative

AP Economics Ch.1 outline

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Economics
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Behavioral economics
macroeconomics
Microeconomics
Positive economics
Neoclassical economics
Heterodox economics

Christian Boujaoude September 9, 2014 Wolff Pd. 3 AP Economics Ch. 1 Outline I. Intro A. Economics 1. the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants II. The Economic Perspective A. Economic Way of Thinking B. Scarcity and Choice 1. ?There is no free lunch? a. Cost is to society 2. Opportunity costs a. Sacrifices C. Rational Behavior 1. Rational self-interest 2. Utility a. pleasure, happiness, or satisfaction b. to allocate there in time, energy, and money to maximize their well-being 3. The same person may make different choices under different circumstances 4. Choices will vary greatly among individuals 5. Rational decisions may change as costs and benefits change

AP Econonmics Ch2 outline

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Economics
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economics
Microeconomics
Economic efficiency
Economic theories
Economic systems
Production–possibility frontier
Productive efficiency
Factors of production
Inefficiency
unemployment
Labour economics
Economic growth

Christian Boujaoude September 20, 2014 AP Economics Pd. 3 Wolff Ch. 2 The Economizing Problem I. The Foundation of Economics A. Economizing Problem 1. Society?s economic wants are unlimited and economic resources are scarce B. Unlimited Wants 1. Extend over a wide range of products, from necessities to luxuries 2. Services satisfy our wants 3. The objective of all economic activity is to fulfill wants C. Scarce Resources 1. Economic resources a. all natural, human, and manufactured resources that go into the production of goods and services b. Property resources= land, raw materials, and capital c. Human resources= labor and entrepreneurial ability D. Resource Categories 1. Land

The function of an economy

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Economics
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economics
Microeconomics
Business
Economic theories
Economic systems
Factors of production
Productivity
Labour economics
Workforce productivity
Circular flow of income
Capitalism
The function of an economy

The function of an economy Economy ? the system that trying to solve the basic economics problems. There are different type of economy like household economy, local economy, the national economy, and the international economy. Economists distinguish three parts to the economics problems What, How and For whom. To solve the problems, allocating the scarce resources to people with unlimited wants, people will decide what to product to fulfil most of the needs and desire of people. There will be allocation in resource to different group of people in the society. People will also decide how to product, which we will discuss in the next few chapters like division of labour. People will organise the productions according to what the workers best at.

The Basic Economics Problem

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Economics
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economics
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Microeconomics
Production–possibility frontier
macroeconomics
Welfare economics
The Basic Economics Problem

The Basic Economics Problem The highlighted sentence are copying from the textbooks Scarcity ? the resources that are limited in supply so that people have to make choice to buy them. Free Goods - the resources that are unlimited in supply, like air and water on the earth. Economics Goods - the resources that are limited in supply and they are scarce. People have infinite needs and wants but there are limited resources on the earth, so that people have to make choice and have the trade-off when buying the resources. E.g. People want a big house or big flat, but there are limited lands (resources). They want so expensive food like shark fins but there are limited shark for hunting.

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