Home > Blossary: Microeconomics
This glossary encompasses the most frequently used terms within microeconomics, giving brief descriptions and practical uses.

Category: Education

19 Terms

Created by: Timmwilson

Number of Blossarys: 22

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There are 5 major factors of production within microeconomics: Natural resources, Labor, Physical capital, Human capital, Entrepreneurship. These factors are important when determining production ...

Domain: Economy; Category: Economics

The 'face value' amount of money, aka the stated value. Nominal values are not adjusted for inflation.

Domain: Economy; Category: Economics

The purchasing power of money. Real Value = Nominal Value + Adjustment for Inflation. Real value is more important for determining true growth, as it is adjusted for inflation.

Domain: Economy; Category: Economics

Ability of one person or nation to produce a product at a lower resource cost than another person or nation. It is possible to have an absolute advantage in multiple goods when comparing to other ...

Domain: Economy; Category: Economics

Ability of one person or nation to produce a good at a lower opportunity cost than another person or nation. It is not possible to have a comparative advantage in both products.

Domain: Economy; Category: Economics

A good for which an increase in income directly relates to an increase in demand for that good.

Domain: Economy; Category: Economics

A good for which an increase in income directly relates to a decrease in demand for that good.

Domain: Economy; Category: Economics

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