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URBANIZATION ECONOMIES: A reduction in production cost the results when diverse activities are located in a concentrated urban area. Urbanization economies applied to all types of activities that benefit from assorted urban "amenities" such as public utilities, government services, information services that are inclined to experience decreasing average cost with large scale production. If, for example, a city has sufficient demand for a more efficiency, larger scale electrical generation plant, then everyone can benefit from lower electricity rates.
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Lesson 1: Economic Basics | Unit 2: Doing Economics
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The two biggest, broadest fields in economics are:- Macroeconomics is the study of the aggregate economy, the entire pie, the whole forest. Macroeconomics is interested in things like gross production, unemployment, inflation, and recession.
- Microeconomics is the study of parts of the economy, the slices of the pie, the trees of the forest. Microeconomics is interested in topics like market prices, consumer behavior, production costs, and competition.
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CONSUMER EQUILIBRIUM The condition that exists when the last dollar spent on one good provides the same marginal utility as the last dollar spent on every other good. In consumer equilibrium, income is allocated between the purchase of different goods in such a way that the level of utility cannot be increased, that is, utility maximization has been achieved.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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JPE
Journal of Political Economy
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