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Microeconomics Final Review

Microeconomics Final Review - Microeconomics Final Review...

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Microeconomics Final Review Opportunity Cost – The highest-value alternative that we give up to get something. “There is no such thing as free lunch” – Saying that emphasizes that you cannot get something for nothing; you need to give something else up to get anything. Positive Statement – a statement of what something is, (as opposed to what it ought to be) as in an increase in unemployment caused a rise in inflation. Scarcity – Our inability to satisfy all our wants. Read the Book about Trade – Portugal & England. Read the Book on Efficient Production. Equilibrium Price – The price at which the quantity demanded equals the quantity supplied. Inferior Good – A good for which demand decreases as income increases. Normal Good – A good for which demand increases as income increases. Elasticity – the measure of how much buyers and sellers respond to changes in market conditions.
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