Please enable JavaScript.
Coggle requires JavaScript to display documents.
Microeconomics (Market failure (Externalities in production or consumption…
Microeconomics
-
-
PPF Curves
-
-
Any shifts in the PPF curve can be caused by changes in labour, technology or the quantity of resources
The Opportunity Cost is the benefit lost from producing less of one good in order to produce more of another
-
The Price Mechanism
-
-
Rationing - Supply or demand will be restricted by increases or decreases in the price in order to reduce any excess demand/supply
Supply
-
Shifts in supply can be caused by changes in the costs of the factors of production, improvements in technology, the number of suppliers, indirect taxes and subsidies (etc.)
Demand
-
Shifts in demand can be caused by changes in the price of other goods, consumer incomes, and tastes, preferences or fashion
-