Professional Documents
Culture Documents
Describes The Process The General Population's Health Status, Wellbeing, and Academic Performance Improves
Describes The Process The General Population's Health Status, Wellbeing, and Academic Performance Improves
Economics - social science that focuses on how products and services are produced
- focuses on efficiency in production and exchange
- study of scarcity and its effects on the use of resources
Economic Categories
THE PROCUCTION POSSIBILITIES FRONTIER (PPF) - graphed curve that shows the potential
output of two items when they both rely on the same scarce commodity to be manufactured
- Also known as the Production Possibility Curve
SUPPLY AND DEMAND THEORY - interaction between supply and demand has an impact on
pricing
- equilibrium price is the one at which supply and demand are balanced.
The best-known system is that of the International Bank for Reconstruction and Development (IBRD),
more commonly known as the World Bank
FREE PRICE - an economic system where prices are decided by exchange of demand and supply and the
prices resulting from it is taken as a signal
PRICE CEILING - a government-mandated maximum price above which legal trades cannot be made
PRICE FLOOR – a government-mandated minimum price above which legal trades cannot be made
ABSOLUTE PRICE - The price of a good in money terms.
RELATIVE PRICE - Opportunity cost, The price of a good in terms of another good