Microeconomics Microeconomics In economics and especially in the theory of competition, barriers to entry are obstacles in the path of a firm which wants to enter a given market. ...more on Wikipedia about "Barriers to entry"
Given an allocation of two goods, the budget line through that allocation is the set of all other allocations of the two goods that someone in a market could arrive at by selling one of the goods for the other. ...more on Wikipedia about "Budget line"
In economics, diminishing returns is the short form of diminishing marginal returns. In a production system, having fixed and variable inputs, keeping the fixed inputs constant, as more of a variable input is applied, each additional unit of input yields less and less additional output. This concept is also known as the law of increasing opportunity cost or the law of diminishing returns. ...more on Wikipedia about "Diminishing returns"
An Economic shortage of a good occurs when the amount demanded at a given price exceeds the amount supplied at that same price (see demand, supply). (The opposite condition, in which the amount demanded at a given price is less than the amount supplied at that price, is known as a surplus.) ...more on Wikipedia about "Economic shortage"
The term surplus is used in economics for several ...more on Wikipedia about "Economic surplus"
The envelope theorem is a basic theorem used to solve maximization problems in microeconomics. It may be used to prove Hotelling's lemma, Shephard's lemma, and Roy's identity. The statement of the theorem is: ...more on Wikipedia about "Envelope theorem"
In microeconomics, a consumer's expenditure function describes how much money a consumer needs achieve a given level of happiness. That is, given a utility function and prices, it says how much wealth the consumer would need to reach a desired utility level. ...more on Wikipedia about "Expenditure function"
Who is http://www.shortopedia.com?
In microeconomics, the expenditure minimization problem is the dual problem to the utility maximization problem: "how much money do I need to be happy?". This question comes in two parts. Given a consumer's utility function, prices, and a utility target, ...more on Wikipedia about "Expenditure minimization problem"
General equilibrium theory is a branch of theoretical microeconomics. It seeks to explain production, consumption and prices in a whole economy. ...more on Wikipedia about "General equilibrium"
In economics, the Herfindahl index is a measure of the size of firms in relationship to the industry and an indicator of the amount of competition among them. It is defined as the sum of the squares of the market shares of each individual firm. As such, it can range from 0 to 1 moving from a very large amount of very small firms to a single monopolistic producer. Decreases in the Herfindahl index generally indicate a loss of pricing power and an increase in competition, whereas increases imply the opposite. ...more on Wikipedia about "Herfindahl index"
Hit-and-run tactics is a tactical doctrine where the purpose of the combat involved is not to seize control of territory, but to inflict damage on a target and immediately exit the area to avoid the enemy's defense and/or retaliation. ...more on Wikipedia about "Hit-and-run tactics"
Hotelling's lemma is a result in microeconomics that relates the supply of a good to the profit of the goods producer. It was first shown by Harold Hotelling, and is widely used in the theory of the firm. The lemma is very simple, and can be stated: ...more on Wikipedia about "Hotelling's lemma"
The household is the basic unit of analysis in many microeconomic and government models. The term refers to all individuals who live in the same dwelling. ...more on Wikipedia about "Household"
(Household consumption expenditures) ==Composition== ...more on Wikipedia about "Household consumption expenditures" http://www.shortopedia.com moments.
In economics, an incentive is any factor (financial or non-financial) that provides a motive for a particular course of action, or counts as a reason for preferring one choice to the alternatives. Since human beings are purposeful creatures, the study of incentive structures is central to the study of all economic activity (both in terms of individual decision-making and in terms of co-operation and competition within a larger institutional structure). Economic analysis, then, of the differences between societies (and between different organizations within a society) largely amounts to characterizing the differences in incentive structures faced by individuals involved in these collective efforts. ...more on Wikipedia about "Incentive"
An indifference curve is a graph showing combinations of goods for which a consumer is indifferent, that is, it has no preference for one combination versus another. Indifference curve are a device to represent preferences and are used in choice theory. ...more on Wikipedia about "Indifference curve"
In microeconomics, isovalue lines define a relationship between the production of two products in which the total market value is constant. ...more on Wikipedia about "Isovalue lines"
In economics, Edgeworth's limit theorem examines the range of possible outcomes which may result from free market exchange or barter between groups of people. It shows that while the precise location of the final settlement (the ultimate division of goods) between the parties is indeterminate, there is a range of potential outcomes which shrinks as the number of traders increases. ...more on Wikipedia about "Limit theorem"
Description: The book is usually considered to be the beginning of modern economics. It begins with a discussion of the Industrial Revolution. Later it critiques the mercantilism and a synthesis of the emerging economic thinking of his time. It is mostly known due to the idea of The Invisible Hand which is an often quoted phrase from the book. Its meaning is that people will unintentionally improve their community through pursuit of their own wants and needs. The Butcher, the Baker, and the Brewer provide goods and services to each other out of self-interest; the unplanned result of this division of labor is a better standard of living for all three. ...more on Wikipedia about "List of publications in economics"
In economics, the marginal rate of substitution (MRS for short) is the rate at which consumers are willing to give up units of one good in exchange for more units of another good. Put another way, the MRS of good X for good Y is the amount of good Y that a person is willing to give up to obtain one additional unit of good X. The MRS measures the value that the consumer places on one extra unit of a good, where the opportunity cost is quantified by amount of another good sacrificed. Mathematically, the MRS is the negative slope or derivative (evaluated at a point) of the indifference curve. Therefore, the MRS at any point on an indifference curve is equal in magnitude to the slope of that indifference curve. The marginal rate of substitution of good X for good Y (MRSxy) is also equivalent to the marginal utility of X over the marginal utility of Y. Formally, ...more on Wikipedia about "Marginal rate of substitution"
In microeconomics, a consumer's Marshallian demand function specifies what the consumer would buy in each price and wealth situation, assuming it perfectly solves the utility maximization problem. Marshallian demand is sometimes called Walrasian demand instead, because the original Marshallian analysis ignored wealth effects. ...more on Wikipedia about "Marshallian demand function" Stay cool with shortopedia.
A concept first named by Richard Thaler (1980), mental accounting attempts to describe the process whereby people code, categorise and evaluate economic outcomes. Mental accounting theorists argue that people group their assets into a number of non-fungible mental accounts. One detailed application of mental accounting, the behavioural life cycle hypothesis (Thaler, 1992), posits that people mentally frame assets as belonging to either current income, current wealth or future income and this has implications for their behaviour as the accounts are largely non-fungible and marginal propensity to consume out of each account is different. ...more on Wikipedia about "Mental accounting"
The Mohring effect is a technical property of transit systems demonstrating increasing returns. ...more on Wikipedia about "Mohring effect"
In economics, a monopsony is a market form with only one buyer, called "monopsonist", facing many sellers. It is an instance of imperfect competition, symmetrical to the case of a monopoly, in which there is only one seller facing many buyers. The term "monopsony" was first introduced by Joan Robinson (1933). ...more on Wikipedia about "Monopsony"
Preference (or "taste") is a concept, used in the social sciences, particularly economics. It assumes a real or imagined "choice" between alternatives and the possibility of rank ordering of these alternatives. More generally, it can be seen as a source of motivation. ...more on Wikipedia about "Preference" shortopedia - Xtending Info. Microeconomics
This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia . Direct links to the original articles are in the text.
If you use exact copy or modified of this article you should preserve above paragraph and put also : It uses material from
the Shortopedia article about "Microeconomics".
| MAIN PAGE | MAIN INDEX | CONTACT US |