Microeconomics 202
Terms
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- Increase Output
- Increase in: Land, Labor, capitol, or change in technology Ex: computers!
- Decreased Factors of Production
- War-Less Land/bringing down others economic capability decrease in any 1 will shift curve inward
- Microeconomics
- Examines the small economic units, the individual, household, or firm
- Normative Economic Statement
- What should do, What ought to be
- Positive Economic Statement
- What is, can be proven by theory
- Factors of Production
- Land, Labor, Capitol
- Production Possibilities Curve
- maximum output with a finite amount of land, labor, and capitol To create this all factors of production must be utilized