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Intensive Margin
Within economics, margin is a concept used to describe the current level of consumption or production of a good or service.Marginalism Definition. Investopedia. (2022). Retrieved 12 April 2022, from https://www.investopedia.com/terms/m/marginalism.asp. Margin also encompasses various concepts within economics, denoted as marginal concepts, which are used to explain the specific change in the quantity of goods and services produced and consumed. These concepts are central to the economic theory of marginalism. This is a theory that states that economic decisions are made in reference to incremental units at the margin,Reading: Marginal Utility , Microeconomics. Courses.lumenlearning.com. (2022). Retrieved 12 April 2022, from https://courses.lumenlearning.com/suny-microeconomics/chapter/marginal-utility/. and it further suggests that the decision on whether an individual or entity will obtain additional units of a good or service depends on the marginal utility of the product.Stigl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good
In most contexts, the concept of good denotes the conduct that should be preferred when posed with a choice between possible actions. Good is generally considered to be the opposite of evil. The specific meaning and etymology of the term and its associated translations among ancient and contemporary languages show substantial variation in its inflection and meaning, depending on circumstances of place and history, or of philosophical or religious context. History of Western ideas Every language has a word expressing ''good'' in the sense of "having the right or desirable quality" ( ἀρετή) and ''bad'' in the sense "undesirable". A sense of moral judgment and a distinction "right and wrong, good and bad" are cultural universals. Plato and Aristotle Although the history of the origin of the use of the concept and meaning of "good" are diverse, the notable discussions of Plato and Aristotle on this subject have been of significant historical effect. The first reference ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indifference Curve
In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is ''indifferent''. That is, any combinations of two products indicated by the curve will provide the consumer with equal levels of utility, and the consumer has no preference for one combination or bundle of goods over a different combination on the same curve. One can also refer to each point on the indifference curve as rendering the same level of utility (satisfaction) for the consumer. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer. Utility is then a device to represent preferences rather than something from which preferences come. The main use of indifference curves is in the representation of potentially observable demand patterns for individual consumers over commodity bundles. Indifference curve analysis is a purely technol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Theory
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the total of economic activity, dealing with the issues of growth, inflation, and unemployment—and with national policies relating to these issues. Microeconomics also deals with the effects o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
