Economics: Difference between revisions

Revision as of 14:58, 14 April 2021

Economics

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

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

@@ Line 1: / Line 1: @@
 '''  Economics '''
+* See also [Social Studies Skills|Social Studies Skills]
-=== Tragedy of the Commons ===
+== 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 ===
 * 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
+=== rationing ===
+=== scarcity ===
+* aggregate supply
+=== Supply & demand ===
+=== Tragedy of the Commons ===