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why are economic models uses for trade-offs and tradesimplified representations of actualitya production possibility frontierb comparative advantagec
how is economics works with interaction of individual choicesprinciples behind the interaction of individual choices1 there are gains through
how are individual makes choicesfundamental principles behind the individual choices are as follows1 resources are scarce2 the real cost of anything
define the points of individual choices makes and interacta how individuals make choicesbull scarcitybull opportunity costbull trade-offsbull
determine velocity approach to money demandthe velocity approach to money demandthe velocity of moneyv p times y mthe real quantity of money
explain about the short term and long term interest rate in money demandthe opportunity cost of holding money demanda short-term interest ratesrates
what are the important tools to consider monetary policyimportant tools to consider monetary policya what the money demand curve isb why the
explain the financial system terms definitionsthe financial system definitionswealthit is sum of current savings and accumulated savingsfinancial
what do you study about the saving investment spending and financial systemsavings investment spending and the financial system1 the correlation
what are the important forms of product differentiationthere are three significant forms of product differentiation which are1 differentiation
what do meant by monopolistic competitionmonopolistic competition is a market structure wherein1 there are several competing producers into an
what terms are included in the monopolistic competitionproduct differentiation1 the meaning of monopolistic competition and product differentiation2
explain about the term game theorygame theorywhile the decisions of two or more firms considerably influence each othersrsquo profits in that case
define the term understanding oligopolyunderstanding oligopolyone possibility when the two companies will engage into collusion sellers engage into
what is oligopolyoligopoly is a general market structure this arises from similar forces that lead to monopoly except within weaker form this is an
what are terms included in oligopolyoligopoly includesbull the meaning of oligopoly and why it arisesbull collusionbull game theory particularly the
what is the difference between monopoly and perfect competitionmonopoly versus perfect competition1 perfect competition is equal to monopoly
why do monopolies existmonopolists have market power and as a consequence will charges higher prices and generate less output than a competitive
what are the essential points to determine in monopolypoints essential to determine in monopolya the importance of monopoly where a particular
explain important terms of marginal productivity and wage inequality marginal productivity and wage inequalitya market power bull compensating
explain about the equilibrium in the labor marketequilibrium into the labor marketall of firm will hire labor up to the point at that the value of
what are the tools of factor markets and the distribution of incometools of factor markets and the distribution of incomea factor distribution of
what are the conclusions about the cost of production and efficiency in the long-run equilibrium of a perfectly competitive industrythree conclusions
when is production profitable according to price-taking firm at profit break-even or lossproduction profitable at profit break-even or lossa when tr
what is optimal output ruleoptimal output ruleaccording to the optimal output rule describe that profit is maximized through producing the quantity