Definitions: Economics: the study of low society manages i ts scarce resources. Opportunity Cost: whatever must be given up to obtain some item.
2 economic models: 1) The Circular-Flow Diagram: a visual model of the economy that shows how dollars f
o (3) In addition to the above criteria, for a competitive market to be #
V eitov'f 5- '
0 Revenue " 7
0 Average Revenue is the revenue the rm receives or'th
g r, 114
Chapter 14: Fir