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Summary of Basic Economic Principles

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Summary on Micro vs Macro, how price and quantity affect supply and demand, and the PPF.

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decide on the margin

effinion
economic theory vs econometrics

absolute advantage produce a good using fewer inputs
PPF all combinations of goods a country can produce
given its productivity and supply of inputs

mg fn Msimfteconomic units
unemployement a individuals firms
cost of production
to help minimum wage
the economy

supply producers

Thathappens to p
f demand consumers

Q whenshifting

III more
Economics
Econometrics vs EconomicTheory
Graphs supply demand
o Law of Demand Supply
Determinants of DemandSupply

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Institution: University Of Central Florida
Course: ECO2023 (ECO2023)

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Uploaded on: December 6, 2024
Number of pages: 4
Written in: 2024/2025
Type: SUMMARY

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Summary of Basic Economic Principles

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