Microeconomics Including Markets, Production, Cost, And Efficiency
by Patrick Sing
2021-01-04 19:01:06
Microeconomics Including Markets, Production, Cost, And Efficiency
by Patrick Sing
2021-01-04 19:01:06
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Microeconomics is a fundamental method for analyzing the economy as a system. It treats households and firms interacting...
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.
Microeconomics is a fundamental method for analyzing the economy as a system. It treats households and firms interacting through individual markets as irreducible elements of the economy, given scarcity and government regulation. In microeconomics, production is the conversion of inputs into outputs. It is an economic process that uses inputs to create a commodity for exchange or direct use. Opportunity cost refers to the economic cost of production: the value of the next best opportunity foregone. Economic efficiency describes how well a system generates desired output with a given set of inputs and available technology. This book studies microeconomics including monopoly, factors of production, scarcity, and economies of scale.
Project Webster represents a new publishing paradigm, allowing disparate content sources to be curated into cohesive, relevant, and informative books. To date, this content has been curated from Wikipedia articles and images under Creative Commons licensing, although as Project Webster continues to increase in scope and dimension, more licensed and public domain content is being added. We believe books such as this represent a new and exciting lexicon in the sharing of human knowledge.
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