by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is an Opportunity Set? An opportunity set is a group of potential options. In economics, the budget constraint model demonstrates the opportunity set, which includes the possible combinations of goods that can be purchased within the consumer’s budget. Budget...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is a Cost Curve? Cost curves are graphs demonstrating the average variable, average total, and marginal costs of production. These graphs contain points that, when connected show the various cost patterns as curves. The graphs demonstrate how costs vary with...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is the Labor Market? The labor market is essentially the supply and demand for workers. As the demand for employees fluctuates and increases or decreases within the market, the supply of employees changes along with the fluctuation. What influences the labor...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is a Traditional Economy?A Traditional Economy is where the distribution of scarce resources (goods and services within the economy) are distributed or allocated based upon historical practice, custom, belief, etc. Individuals tend to stay within family...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Managerial Economics?Managerial Economics concerns the application of economic theories to the decision-making and planing about the use, distributions, and allocation of scarce resources within an organization.Related Topics Economics Scarcity in Economics ...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is a Public Good?A public good, also known as a social good or collective good, is a good that is rivalrous and non-exclusive. Further, it is made available or accessible to the public for consumption or use. It is generally paid for by the public at...
