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Economics: Difference between revisions
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'''[[w:Economics]]''' is divided to the study of [[w:microeconomics]] an [[w:macroeconomics]] with various sub-fields. | '''[[w:Economics]]''' is divided to the study of [[w:microeconomics]] an [[w:macroeconomics]] with various sub-fields. | ||
::'''[[w:Microeconomics]]''' (from Greek prefix micro- "μικρό" meaning "small" + "economics"- "οικονομια") is a branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources. ( Wikipedia ) | ::'''[[w:Microeconomics]]''' ( [[w:fi:Mikrotaloustiede]] ) (from Greek prefix micro- "μικρό" meaning "small" + "economics"- "οικονομια") is a branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources. ( Wikipedia ) | ||
::'''[[w:Macroeconmics]]''' (from Greek prefix "makros-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. ( Wikipedia ) | ::'''[[w:Macroeconmics]]''' ( [[w:fi:Makrotaloustiede]] ) (from Greek prefix "makros-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. ( Wikipedia ) | ||
== 2012-10-23 == | == 2012-10-23 == | ||
* In '''[[w:market]]s''' '''[[w:demand]]''' and '''[[w:supply (economics)|supply]]''' control the prices and goods that are produced. This is the model of '''[[w:Supply and demand]]'''. | * In '''[[w:market]]s''' ( [[w:fi:Markkinat (taloustiede)]] ) '''[[w:demand]]''' and '''[[w:supply (economics)|supply]]''' control the prices and goods that are produced. This is the model of '''[[w:Supply and demand]]''' ( [[w:fi:Kysyntä ja tarjonta]] ) . | ||
* '''[[w:Scarcity]]''' of resources affects production decisions. | * '''[[w:Scarcity]]''' ( [[w:fi:Niukkuus]] ) of resources affects production decisions. | ||
* All production decisions have an '''[[w:opportunity cost]]'''. | * All production decisions have an '''[[w:opportunity cost]]''' ( [[w:fi:Vaihtoehtoiskustannus]] ). | ||
*'''[[w:Market equilibrium]]''' refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. ( Wikipedia ) Market equilibrium is where the [[w:demand curve]] and the supply curve intersect. | *'''[[w:Market equilibrium]]''' ( [[w:fi:Taloudellinen tasapaino]] ) refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. ( Wikipedia ) Market equilibrium is where the [[w:demand curve]] and the supply curve intersect. | ||
::: The '''[[w:demand curve]]''' is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price. ( Wikipedia ). | ::: The '''[[w:demand curve]]''' is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price. ( Wikipedia ). | ||