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Opportunity Cost

Opportunity Cost

Opportunity Cost. The Next Best Alternative. As a result of scarcity, choices have to be made. What Are Incentives?. Incentives are factors that encourage or discourage various types of behaviors, actions or activities. Changes in incentives alter the way people behave.

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1.1k views • 31 slides
Ch. 9: ORGANIZING PRODUCTION

Ch. 9: ORGANIZING PRODUCTION

Ch. 9: ORGANIZING PRODUCTION. Definition of a firm The economic problems that all firms face Technological efficiency vs. economic efficiency The principal-agent problem and methods for coping with the problem. Different types of markets in which firms operate

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621 views • 30 slides
Ch. 10: ORGANIZING PRODUCTION

Ch. 10: ORGANIZING PRODUCTION

Ch. 10: ORGANIZING PRODUCTION. Definition of a firm The economic problems that firms face Technological vs. economic efficiency Different types of markets in which firms operate. The Firm and Its Economic Problem. Firm

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379 views • 25 slides
Introduction to Microeconomics

Introduction to Microeconomics

Introduction to Microeconomics. Lecture 1 What is economics?. What is economics. Microeconomics studies subjects like Choices of individuals Choices of Firms The determinants of prices and quantities in specific markets

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512 views • 21 slides
CH 5: Frictions in the Labor Market

CH 5: Frictions in the Labor Market

CH 5: Frictions in the Labor Market. Monopsony Source of monopsony power Effects on wages & employment Quasi-fixed labor costs Types of QF costs Effects of QF costs on hours/workers Training as a QF cost & consequences of training investments for structure of pay. Monopsony.

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405 views • 20 slides

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