Category: Education
Created by: Timmwilson
Number of Blossarys: 22
The 'face value' amount of money, aka the stated value. Nominal values are not adjusted for inflation.
A good for which an increase in income directly relates to a decrease in demand for that good.
Represents how the quantity of a product changes, as income for an individual or group changes. Formula: Ied = % change in qty demanded / % change in income. Income elasticity is positive for normal ...
An opportunity cost that does not involve a monetary payment. Ex: opportunity cost of the entrepreneur's time / opportunity cost of the entrepreneur's funds that could have been invested elsewhere.
There are 5 major factors of production within microeconomics: Natural resources, Labor, Physical capital, Human capital, Entrepreneurship. These factors are important when determining production ...
A monetary payment. Accounting cost = explicit cost.
Defined as total revenue - economic cost. Economic costs involve both implicit and explicit costs.
By: Timmwilson