Economics note 1

Econimics
1. decision makers : seller, buyers
2. goals, constraints(규제)
3. equilibrium
4. model, events, govermnet policy change

market - product markets, labor markets, financial markets, stock market

Microeconomics
scarcity : 희소성
comparative advantage : 비교우위
specialzation : 특화
exchange : 교환, 상품거래소
capitalism
economies of scale : 규모의 경제
the Firm : 회사, 상회, 상사, 상점
corporation, company
profit maximization

Market structure
marginal cost
average cost
marginal cost, marginal revenue(한계 수입), ㅔ걏ㄷ
shut-down rule(임시휴업)
perfect competition
horizental demand curve

monopolistic competition
oligopoly : 과점
advertising : 광고
game theory

capital and financial market
stock and bond market
bond : 계약, 보증, 증서, 체무증서, 채권,공채, 회사채
description : 설명, 묘사, 설명서, 명세서, 종류, 등급
assessment : 과세, 부과, 사정, 평가, 자산평가
prediction
efficiency

Goverment's role
market failure
government intervening : 정부 개입
externalities
public goods : 공공재
assessment of imperfect competition
legal system : 법률
budget : 예산
comparative advantage
gains from tade
international trade
winners and losers

 

Macroeconomics
long-run growth, short-run fluctuation
boom : 급등, 벼락경기
recession : 일시적인 불경기
demand and supply
aggregative demand and aggregative supply
exchange rates and open-economy

 

Resources
1. labor
2. capital
3. Land
scarcity -> choice
economics is choice.

 

microeconomics - analyze parts, fine detail, individual behavior, households, firms, goverments
macroeconomics - overall view, total output, total employment, in general rise and fall.

postive economics - what, how, fact,
normative economics - should be, judgments

model
assumption - simplifying assumption, critical assumption