Describe the following thirty-six key concepts: Opportunity cost: Economic law: Marginalism: Positive analysis: Normative analysis: Production possibility
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Question:
Describe the following thirty-six key concepts:
- Opportunity cost:
- Economic law:
- Marginalism:
- Positive analysis:
- Normative analysis:
- Production possibility frontier:
- Theory of comparative advantage:
- Law of increasing opportunity cost:
- The marginal rate of transformation:
- Productive efficiency:
- Scarcity:
- Shortage:
- Surplus:
- Glut:
- Quantity supplied:
- Quantity demanded:
- Market equilibrium:
- Price gouging:
- Sticky prices:
- Marginal benefit:
- Marginal cost:
- Net benefit:
- Price rationing:
- Ration coupons:
- Another rationing method:
- Black markets/scalping:
- Willingness to pay :
- Short side rule:
- Productivity:
- Monetarism:
- Inflation:
- Deflation:
- Hyperinflation:
- Expansionary monetary policy:
- Contractionary monetary policy:
- Contractionary fiscal policy:
Related Book For
Intermediate Microeconomics and Its Application
ISBN: 978-1133189039
12th edition
Authors: Walter Nicholson, Christopher M. Snyder
Posted Date: