- Study guides, Class notes & Summaries

Microeconomics Definitions Microeconomics - The study of the behaviour (supply and demand) of individual markets Scarcity - A situation in which unlimited wants exceed the limited resources available to fulfill those wants Factors of production - All the economic resources (input) necessary to produce a society's goods and services, such as land, labour, capital and entrepreneurship Ceteris paribus - All things being equal - one of the assumptions used in many economic mode...

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Written in 2023/2024

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