Karteikarten: Fundamentals of Micro and Macroeconomics — 10 Karten

Market structures — types?

Perfect competition, monopolistic, oligopoly, monopoly.

Microeconomics — focus?

Studies individual agents and markets.

Scarcity — definition?

Limited resources restrict production.

Macroeconomics — focus?

Analyzes aggregate economic variables.

Demand — law?

Higher price leads to lower quantity demanded.

Market structures — types?

Perfect competition, monopolistic, oligopoly, monopoly.

Scarcity — definition?

Limited resources vs unlimited wants.

Opportunity cost — definition?

Next best alternative foregone.

Law of demand — relationship?

Inverse between price and quantity demanded.

Law of supply — relationship?

Direct between price and quantity supplied.