Ch05:household behavior and consumer choice

1. C H A P T E R6Measuring National Outputand National IncomePrepared by: Fernando Quijanoand Yvonn Quijano© 2002 Prentice Hall Business Publishing Principles of Economics,…

1. Firm Choices in Input Markets© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair 2. Demand for Inputs: A Derived Demand• Derived…

1. RET PA HC13 Monopolistic Competition and OligopolyPrepared by: Fernando Quijano and Yvonn Quijano© 2004 Prentice Hall Business PublishingPrinciples of Economics, 7/eKarl…

1. The Basic Decision-Making Units • A firm is an organization that transforms resources (inputs) into products (outputs). Firms are the primary producing units in a market…

1. Decisions Facing FirmsDECISIONSare based onINFORMATION1. The quantity of output to1. The price of output supply2. How to produce that2. Techniques of output (which technique…

1. Externalities • An externality is a cost or benefit resulting from some activity or transaction that is imposed or bestowed upon parties outside the activity or transaction.…

1. RET PA HC1The Scope and Method ofEconomicsPrepared by: Fernando Quijanoand Yvonn Quijano© 2002 Prentice Hall Business Publishing Principles of Economics, 6/eKarl Case,…

1. C H AP T E R 16Public Finance: The Economics of Taxation P re p are d b y: F e rn and o Q u ijanoan d Yvonn Q u ijano© 2004 Prentice Hall Business Publishing Principles…

1. CompanyLOGOSCARCITY, WANTS, & NEEDSCompiled by Vela Moyo 2. Economic Questions1. What to produce? 2. How to produce? 3. For whom? 3. Basic Economic Concepts SCARCITY…