Home > Blossary: Microeconomics
This glossary encompasses the most frequently used terms within microeconomics, giving brief descriptions and practical uses.

Category: Education

19 Terms

Created by: Timmwilson

Number of Blossarys: 22

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There are 5 major factors of production within microeconomics: Natural resources, Labor, Physical capital, Human capital, Entrepreneurship. These factors are important when determining production ...

Domain: Economy; Category: Economics

An opportunity cost that does not involve a monetary payment. Ex: opportunity cost of the entrepreneur's time / opportunity cost of the entrepreneur's funds that could have been invested elsewhere.

Domain: Economy; Category: Economics

Represents how the quantity of a product changes, as income for an individual or group changes. Formula: Ied = % change in qty demanded / % change in income. Income elasticity is positive for normal ...

Domain: Economy; Category: Economics

A good for which an increase in income directly relates to a decrease in demand for that good.

Domain: Economy; Category: Economics

The 'face value' amount of money, aka the stated value. Nominal values are not adjusted for inflation.

Domain: Economy; Category: Economics

A good for which an increase in income directly relates to an increase in demand for that good.

Domain: Economy; Category: Economics

(Ed)A function of demand for which as the price increases or decreases, the demand of the product changes. Ed=abs(%change in quantity demanded/%change in price). inelastic<1. unit elastic=1. perfectly ...

Domain: Economy; Category: Economics

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