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Definition
| branch of economics that deals with the bahvior of individual economics units - consumers, firms, workers and investors - as well as the markets that these units comprise |
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Definition
| branch of economics that deals with aggregate economics variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation |
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Definition
| analysis describing relationships of cause and effect. |
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Definition
| Analysis examining questions of what ought to be done |
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Definition
| Collection of buyers and sellers that, through their actual or potential interactions, determine the price of a product or set of products |
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Definition
| Determination of the buyers, sellers, and range of products that should be included in a particular market. |
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Definition
| Practice of buying at a low price at one location and selling at a higher price in another. |
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Term
| perfectly competitive market |
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Definition
| Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price. |
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Term
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Definition
| Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price. |
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Definition
| Boundaries of a market, both geographical and in terms of range of products produced and sold within. |
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Term
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Definition
| absolute price of a good, unadjusted for inflation. |
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Term
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Definition
| price of a good relative to an aggregate measure of prices; price adjusted for inflation. |
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Term
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Definition
| measure of the aggregate price level |
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