MICROECONOMICS: Perfectly Competitive Markets

Description

Notes include summaries of: > Comparative Advantage and the basis for trade: - Opportunity Cost - Comparative Advantage - Absolute Advantage - The Production Possibility Curve > Supply in perfectly competitive markets - Cost-benefit principle - Economic Surplus - Marginal Benefit - Marginal Cost - Shut down conditions - Elasticity of Supply > Demand in perfectly competitive markets - Elasticity of Demand > Supply and Demand (an equilibrium) - Building an aggregate supply/demand curve > Government Intervention - Taxes - Subsidies - Price ceiling - Price floor > International Trade - Quotas - Tariffs