Please enable JavaScript.
Coggle requires JavaScript to display documents.
Principles of Economics (2) - Coggle Diagram
Principles of Economics (2)
The concept of consumer preferences
Utility, total utility, & marginal utility.
law of diminishing marginal utility
cardinal and ordinal approaches
total product, average product, and marginal product
the types of costs in the short run
the assumptions of a perfectly competitive market
monopoly and monopolistic competition
Product differentiation
Price Maker & Taker
Average cost
Perfect competition
Oligopoly characterized by
The major assumptions of cardinal approach
Limitation of the cardinal approach
Assumptions of ordinal utility theory
Definition of production
Stages of production
Explicit cost and implicit cost
Economic cost and accounting cost
Digital marketing
Physical market
The concept of market
Assumptions of perfectly competitive market
Monopoly market Definition and characteristics
Sources of monopoly
Monopolistically competitive market characterized
Exam Format
Direct Questions
MCQs
True or False
Chapters
Chapter Three: Theory of Consumer Behaviour
Chapter Four: The Theory of Production and Cost
Chapter Five: Market Structure