https://padlet.com/dylanlds97/ffl9xjexafaog3p1 en-us 2023-08-29 21:29:40 UTC 2023-08-29 21:41:49 UTC hello@padlet.com https://padlet.net/icons/png/1f48b.png dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270142 The application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other being the core) ]]> 2023-08-29 21:33:26 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270142 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270437 A financial institution that accepts deposits from the public and creates credit. ]]> 2023-08-29 21:33:59 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270437 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270603 A durable good that is used in the production of goods or services. Capital goods are one of the three types of producer goods, the other two being land and labour, which are also known collectively as primary factors of production. 

]]> 2023-08-29 21:34:18 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270603 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270863 A market in which many sellers compete against each other to attract customers. Each seller has an incentive to sell at the lowest price possible to attract customers, so prices tend to be driven so low that the sellers can just barely make a profit.

]]> 2023-08-29 21:34:45 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677270863 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677271238 A graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve; and profit maximizing firms use cost curves to decide output quantities. 

]]> 2023-08-29 21:35:25 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677271238 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677271464 Total money owed.

]]> 2023-08-29 21:35:45 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677271464 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677271772 A sustained, long-term decrease in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle.

]]> 2023-08-29 21:36:05 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677271772 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272023 Economies of scale:that enterprises obtain as a result of the increased efficiency offered by a certain scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale. At the basis of economies of scale there may be technical, statistical, organizational, or related factors to the degree of market control.

]]> 2023-08-29 21:36:32 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272023 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272231 Markets where people trade the property rights to assets (like real estate or stocks) or where savers lend money to borrowers.

]]> 2023-08-29 21:36:55 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272231 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272452 The total revenue received by all three levels of government (federal, state, and local) in the form of taxes and tariffs.

]]> 2023-08-29 21:37:19 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272452 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272710 A measure of how the overall level of prices in the economy changes over time. If the inflation rate is positive, prices are rising; if the inflation rate is negative, prices are falling.

]]> 2023-08-29 21:37:46 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272710 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272991 Anything customarily used as a medium of exchange, a unit of accounting, and a store of value.

]]> 2023-08-29 21:38:08 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677272991 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273201 nominal interest rates:measure the returns to a loan in terms of money borrowed and money returned (as opposed to real interest rates).

]]> 2023-08-29 21:38:25 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273201 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273424 The value of the next best alternative thing that could have been done. It measures what is given up in order to do the most preferred thing.

]]> 2023-08-29 21:38:46 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273424 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273627 A situation where numerous small firms producing identical products compete against each other in a given industry. Perfect competition leads to firms producing the socially optimal output level at the minimum possible cost per unit.

]]> 2023-08-29 21:39:06 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273627 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273794  A limited quantity of a product that can be produced, imported, or exported.

]]> 2023-08-29 21:39:23 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677273794 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677274016 A cost in making any economic trade when participating in a market. 

]]> 2023-08-29 21:39:43 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677274016 dylanlds97 https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677274230  Any cost that changes in proportion to the amount of goods or services that a firm produces, Variable costs are also the sum of marginal costs over all units produced.

]]> 2023-08-29 21:40:06 UTC https://padlet.com/dylanlds97/ffl9xjexafaog3p1/wish/2677274230