19681853
Description
Mind Map by Ronal Fernandez, updated more than 1 year ago
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Created by Ronal Fernandez
almost 5 years ago
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Economic Problem
- The main problem in economics is the insufficient resources available for
satisty all the necessities and wishes of humans. Economics involves the
study of how allocate resources in conditions of scarcity
- PRODUCTION-POSSIBILITY FRONTIER (PFF)
- its a curve or graph showing the maximum production of two
goods by an economy when working at the most efficient
point, showing the highest possible production of the
combination of every goods.
- MARGINAL RATE OF TRANSFORMATION
- The slope in every PFF, the slope defined th rate which production of a
good can be redirected into production of other.
- Represent as
- MARGINAL COST
- MARGINAL COST
- Represent as
- The slope in every PFF, the slope defined th rate which production of a
good can be redirected into production of other.
- MARGINAL RATE OF TRANSFORMATION
- its a curve or graph showing the maximum production of two
goods by an economy when working at the most efficient
point, showing the highest possible production of the
combination of every goods.
- PRODUCTION-POSSIBILITY FRONTIER (PFF)
- Search for
- Efficient use of resources
- Implies an optimal assignment of the limited resources,
reducing or minimizing the waste or inefficiency.
- Implies an optimal assignment of the limited resources,
reducing or minimizing the waste or inefficiency.
- Efficient use of resources
- What is?
- Orthodox economy
- Neoclassical economy
- Neoclassical economics is a school of economic thought is based on the idea
that the value of goods is the function of the utility or satisfaction assigned to
it by consumers. The Neoclassical school arises in the 1870s.
- Neoclassical economics is a school of economic thought is based on the idea
that the value of goods is the function of the utility or satisfaction assigned to
it by consumers. The Neoclassical school arises in the 1870s.
- Macroeconomic approach
- Analyze and interpret the operation of the economy with objectivity, forces to recognize it is
two branches into which it is divided; this is microeconomics and macroeconomics, which are
complementary.
- Analyze and interpret the operation of the economy with objectivity, forces to recognize it is
two branches into which it is divided; this is microeconomics and macroeconomics, which are
complementary.
- History
- the economy has always had, in modern times, multiple schools of economic thought with
different schools having varying prominence across countries and time. The current use of the
term "conventional economy" takes shape after world war II, particularly in the anglosphere,
and to a lesser extent globally.
- the economy has always had, in modern times, multiple schools of economic thought with
different schools having varying prominence across countries and time. The current use of the
term "conventional economy" takes shape after world war II, particularly in the anglosphere,
and to a lesser extent globally.
- Economic Thinking
- The New Keynesian economy or new Keynesianism is a school of economic thought which seeks to provide
microeconomic fundamentals to the Keynesian economy. It developed as responses to criticisms of Keynesian
macroeconomics made by the followers of the call new classical macroeconomics.
- The New Keynesian economy or new Keynesianism is a school of economic thought which seeks to provide
microeconomic fundamentals to the Keynesian economy. It developed as responses to criticisms of Keynesian
macroeconomics made by the followers of the call new classical macroeconomics.
- Neoclassical economy
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