What Is Microeconomics
Deals with economic affairs through smaller scale interactions
Mircroeconomics
the part of economics concerned with single factors and the effects of individual decision
Microeconomics
What are the three economic questions?
What should be produced?
How will it be produced?
Who will use it?
Who is the principal?
Mr. Jordan
Deals with economic affairs through larger scale interactions
Macroeconomics
*Blank* and Demand
Supply
How will things be produced?
Through labor and machinery
What is the new EPF LEQ?
What are the economic characteristics of the various market structures in a market economy?
What are ways we can see microeconomics in our lives?
Online Shopping, Buying stuff, small businesses, Individuals wants and needs (Any of these answers counts)
When resources that are used to produce goods and services are limited
Scarcity
Who will use it?
The consumer
When is graduation?
5/23/24
Microeconomics is when price, quantity, and *Blank* intersect and meet.
Supply and demand
The total cost a business incurs to either produce a product or offer its services
Cost of Production
What should be produced?
Goods, Profitable Products
What's 6*1*4*0*5*7
0
How businesses decide the quantities of outputs to produce in response to demand.
Production theory
healthcare, transportation, and education are examples of what?
Service
What drives the economy?
Scarcity
What room number is Mrs. Daniel's old room?
ARD 260