Home > Blossary: Microeconomics
This glossary encompasses the most frequently used terms within microeconomics, giving brief descriptions and practical uses.
Category: Education
19 Terms
1
Created by: Timmwilson
Number of Blossarys: 22
My Terms
Collected Terms
English (EN) The decrease in total surplus of the market that is a result of a policy. Ex: price ceilings/floors; government intervention.
Domain: Economy; Category: Economics
A monetary payment. Accounting cost = explicit cost.
Domain: Economy; Category: Economics
An opportunity cost that does not involve a monetary payment. Ex: opportunity cost of the entrepreneur's time / opportunity cost of the entrepreneur's funds that could have been invested elsewhere.
Domain: Economy; Category: Economics
Defined as total revenue - economic cost. Economic costs involve both implicit and explicit costs.
Domain: Economy; Category: Economics
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By: Timmwilson