Microeconomics Concepts

Front

What is a central idea in microeconomics?

Back

The market.

Front

What is a market?

Back

An interrelated system where people produce and sell what others want to buy.

Front

What do people who make and sell things want to achieve?

Back

They want to make a profit.

Front

What are goods?

Back

Things that people make and sell, like clothes, food, computers, or cars.

Front

What are services?

Back

Things that people do for other people, like giving haircuts, serving food, or driving taxis.

Front

What are the central concerns of economics?

Back

Production, distribution, cost, price, supply, and demand.

Front

What does production refer to in economics?

Back

Which goods and services are made, how they are made, and how much or how many are made.

Front

What does distribution refer to in economics?

Back

How goods and services are moved and made available to people.

Front

What does cost refer to in economics?

Back

How much money is needed to make those goods and services.

Front

What does price refer to in economics?

Back

How much goods and services will sell for.