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In economics, the concept of margin refers to the additional benefit or cost associated with producing or consuming one more unit of a good or service. It is often used to analyze decision-making processes, where individuals or firms weigh the marginal benefits against the marginal costs. Understanding margins helps in optimizing resource allocation and maximizing utility or profit. Essentially, it highlights the importance of incremental changes in economic behavior.
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What is the explanation for the concept of marginalism in economics?
consumers surplus define
What use is the concept of perfect competition in business economics?
circular flow
In economics what is classical dichotomy?
It is a concept in classical economics, that monetary forces could influence the general price level but had no effect on real activity
What are the classical economics concepts?
Classical economics concept No1 you have to make more then you did last year or you are in recession. Take into account the concept of compound percentages and we will have to produce goods for three Earths in 80 years time. there is a challenge for inbuilt obsolescence
The concept used by economics to indicate the response of quantity demanded to a change in price is known as?
elasticity
Give you the concept of managerial economics?
ABAY
What is environmental economics?
Define concept of Sustainable Development?
The economics concept of market is?
the coming together of a buyer and seller
What is the explanation for the concept of marginalism in economics?
consumers surplus define
What use is the concept of perfect competition in business economics?
circular flow
What concept means to have unlimited wants with limited resources?
scarcity economics
In economics what is classical dichotomy?
It is a concept in classical economics, that monetary forces could influence the general price level but had no effect on real activity
In economics the concept of margin means .?
The smallest amount of something that is bought or sold.
In consumer economics what concept assists in explaining the impact of future developments?
time-probability:)
What are the classical economics concepts?
Classical economics concept No1 you have to make more then you did last year or you are in recession. Take into account the concept of compound percentages and we will have to produce goods for three Earths in 80 years time. there is a challenge for inbuilt obsolescence
The concept used by economics to indicate the response of quantity demanded to a change in price is known as?
elasticity
What is difference between micro economics macro economics?
Microeconomics is that branch of economics analysis which studies the economics actions and behavior of individual units such as individual customer individual firms etc ; on the other hand macroeconomics deals with the economics actions and behavior of not a single particular unit - but the whole concept combined together.
