Below is a couple useful concepts I learned in the economics chapter.
- Supply and Demand
- Opportunity Costs - Opportunity cost is the cost we pay when we give up something to get something else.
Some economists like to break down opportunity costs into explicit and implicit. An explicit opportunity cost involves cash outlays. An implicit opportunity cost is one that involves what you could have done with resources you already own.
- Marginal Utility
- Elasticity
- Market Structures
- Keynesian and Monetarist Thery
- Gross National Product Accounting
- International Economics
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