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This Concept Map, created with IHMC CmapTools, has information related to: Microeconomics (Part 1) vrs 2.9.1 map, Factors of Production include Capital, Economics is the study of Opportunity Cost, Scarcity raises Marginal Utility, Price Level calculates Marginal Utility, Technology improves Marginal Utility, Equilibrium Price fluctuates because of Relative Price, Opportunity Cost calculations lead to Rational Decision, Shortage creates Externalities, Economics Consists of firms that Supply, Inflation increases Relative Price, Factors of Production include Land, Cross-Price Elasticity measures elasticity of an Inferior Good, Supply Meets demand at Equilibrium Price, Production Possibilities Frontier (PPF) illustrates that the US specializes in Consumption Goods, Factors of Production include Labor, Factors of Production include Capital, Inflation causes change in Equilibrium Price, Opportunity Cost is displayed by a Production Possibilities Frontier (PPF), Surplus may decrease Equilibrium Price, Supply is affected by Price Level