Economics
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the study of how people allocate their limited resources to satisfy their
nearly unlimited wants
Endogenous Factors
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variables that can be controlled in a model
Normal Good
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consumers buy more of a normal good as income rises, holding all other
things constant (choice purchase) TV vs RENT
Trade
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the voluntary exchange of goods and services between two or more
parties
each party must value the asset received more than the asset given up
creates gains for everyone involved
Absolute Advantage
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Give this one a try later!
the study of how people allocate their limited resources to satisfy their
nearly unlimited wants
Endogenous Factors
, Give this one a try later!
variables that can be controlled in a model
Normal Good
Give this one a try later!
consumers buy more of a normal good as income rises, holding all other
things constant (choice purchase) TV vs RENT
Trade
Give this one a try later!
the voluntary exchange of goods and services between two or more
parties
each party must value the asset received more than the asset given up
creates gains for everyone involved
Absolute Advantage
Give this one a try later!
