GLOSSARY OF MICROECONOMICS
1. ASSET; product that meets a need.
2. AVERAGE COST : These are the costs per unit of production.
Average total costs are calculated as the total cost by the quantity
produced.
3. BOOM: corresponding to the expansionary phase of...
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GLOSSARY OF MICROECONOMICS
1. ASSET; product that meets a need.
2. AVERAGE COST : These are the costs per unit of production.
Average total costs are calculated as the total cost by the quantity
produced.
3. BOOM: corresponding to the expansionary phase of the business
cycle period.
4. BUSINESS CYCLE: Movement of the economy, namely the
recurrence periods of expansion and recession.
5. COMMODITY; part of the economy that allows dynamic between
goods and services for money.
6. COMPETITION: Status of competition in a market by several
companies developing different business practices in order to
monetize
7. CONSUMPTION; purchase of a good or service.
8. DEMAND CURVE : Graph showing the relationship between the
price of a good and the quantity demanded of that good.
9. DEMAND; consumption capacity of families and households.
10. DISTRIBUTION; exchange of a good or service for money.
11. ELASTIC DEMANDEl (inelastic ) : That in which the percentage
change in quantity demanded is greater (le
Less
