Introducing Economics - What do economists study?
3 important questions on Introducing Economics - What do economists study?
When is economic efficiency achieved?
When each good is produced at the minimun cost and where individual people and firma get the maximum benefit from their resources.
What does a production possibility curve illustrate?
1. Micro economic issues of choice and opportunity cost
2. Macro economic issue of production within the curve + shifts of the curve
What is a Barter economy?
An economy where people exchange goods and services directly with one another without any payment of money. Worker would pay with bundles of goods.
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