Economics Students, lets play a game. (1 Viewer)

[xsjado]

I'm bored of studying the old fashion way. So here it goes.
- you answer the question to the post above you
- then make your own question for the next person to answer.

rules
only post if you know the answer above. You can make comments but to keep the thread on track don't post aimlessly
- Stick to what has been learnt. Intro, concumers, business, markets, labour markets.

So to kick it off I'll start with a sitter:

What are the purposes of product and factor markets?

 

[simonloo]

What are concumers?

 

[xsjado]

^^
Consumers are individuals who purchase goods and services from firms.. :s i dunno the textbook deffinition .

ps. you didnt answer the question though, never mind.

what is perfect competition??

 

[Black Hawker]

Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices.

http://en.wikipedia.org/wiki/Perfect_competition

You guys already up to that?

Umm, factors that influence the economy?

 

[xsjado]

Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices.

http://en.wikipedia.org/wiki/Perfect_competition

You guys already up to that?

Umm, factors that influence the economy?

yeah, also the products in a perfect competition are homogenous and advertising is pointless since it is assumed that consumers are 'all knowing'.

factors that influence the economy ay. thats pretty broad. Is it what to how to how much to produce and to whom to distribute. That's what firms need to decide to to the scarecity of resources... i dont know lol.

If someone's got a better answer then shoot. if not:
What is the point of technical optimum?
hint: think buisinesses.

 

[jb_nc]

What are the factors affecting the AUD?

 

[m0ofin]

There's already a thread just like this here.

 

[m0ofin]

That thread covers HSC content and is directed at current HSC students whereas this one focuses on preliminary content, for the prelim students

My bad, I assumed this was HSC.

 

[porquoispas]

What is the term used to describe the social costs of a firm?

 

[latvia]

What is the term used to describe the social costs of a firm?

externalities

what is 'economies of scale'?

 

[cccclaire]

externalities

what is 'economies of scale'?

A reduction of long run average costs as a result of an increase in the scale of operation of a firm.


What factors cause an increase in demand?