Outline for Test 1

Outline for Test 1 - Microeconomics I Fundamentals of...

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Unformatted text preview: Microeconomics I. Fundamentals of Microeconomics A. Consumers 1. Demand products. 2. Governed by Consumer Choice Theory . B. Fi rms (Producers) 1. Supply products. 2. Governed by Theory of the Fi rm . C. Government Policies 1. Influence consumers and firms. D. Products 1. Types of Products a. Goods b. Services 2. Production a. No free products. b. Scarce Resources go into the production of a product; therefore, nothing is free. c. Scarce means that there are more uses for a resource than there is of that resource. E. Resources 1. Land: Both land and its natural resources. 2. Labor: The working class of the population. 3. Capital (K) a. K Physical i) Machinery ii) Factories iii) Buildings b. K H u m an i) Education ii) Skills 4. Entrepreneurial Talent: Combines the land, labor, and capital to produce useful products. F. Markets 1. Real Markets (NYSE) 2. Virtual Markets (NASDAQ) 3. Determine the prices of products. a. Prices determined thru buyer & seller interaction. b. The buyers’ side is called demand ....
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This note was uploaded on 03/10/2009 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Fall '08 term at Penn State.

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Outline for Test 1 - Microeconomics I Fundamentals of...

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