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[1] [2] [3] Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses ...
Multiple Choice: Students are given 70 minutes to complete 60 multiple choice questions which are weighted 2/3 (66.7%) of the total exam score. Free-Response: Students are allotted 10 minutes of planning then 50 minutes of writing for one long free-response question (weighted 50% of section score) and two short ones (weighted 25% section score each).
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Economies of scope are "efficiencies formed by variety, not volume" (the latter concept is "economies of scale"). [1] In the field of economics, "economies" is synonymous with cost savings and "scope" is synonymous with broadening production/services through diversified products.
[1] [2] In legal terms, this affects how legal rights (such as ownership and the right to receive goods under a contract) apply to such items. Fungible things can be substituted for each other; for example, a $100 bill (note) is considered entirely equivalent to twenty $5 bills (notes), and therefore a person who borrows $100 in the form of a ...
[1] [2] One can also speak of the compensating differential for an especially desirable job, or one that provides special benefits, but in this case the differential would be negative: that is, a given worker would be willing to accept a lower wage for an especially desirable job, relative to other jobs.