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Economics: Difference between revisions
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''' Economics ''' | ''' Economics ''' | ||
* See also [Social Studies Skills|Social Studies Skills] | |||
== Useful Economic vocabulary, models & theories == | |||
=== Cost === | |||
* sunk cost | |||
=== goods === | |||
* Complement good | |||
* Coordination good | |||
* Free goods | |||
* Inferior goods | |||
* Normal goods | |||
* Public good | |||
** services available to all that have no competition, such as utilities | |||
*** use of a public good by one person does not reduce its availability to another | |||
* Substitute good | |||
=== Externalities === | |||
=== Opportunity cost === | |||
=== Prisoner's Dilemma === | === Prisoner's Dilemma === | ||
* each prisoner does not know what the other will choose, so they choose the most beneficial to themselves | * each prisoner does not know what the other will choose, so they choose the most beneficial to themselves | ||
** even if choosing collectively would be more rational | ** even if choosing collectively would be more rational | ||
=== rationing === | |||
=== scarcity === | |||
* aggregate supply | |||
=== Supply & demand === | |||
=== Tragedy of the Commons === | |||