microeconomics

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powerpoint presentation microeconomics miraziz 1. core principles: scarcity, choice, and markets 2. supply, demand, and market equilibrium 3. firms, costs, and market structures plan: core principles: scarcity, choice, and opportunity cost scarcity implies that individuals and societies face trade-offs when allocating limited resources like land or labor. because of finite availability, choices must be made. opportunity cost represents the value of the next best alternative forgone when a decision is made. for example, choosing education means foregoing immediate income. choices are influenced by incentives; rational people respond to changes in costs and benefits when making decisions regarding consumption or production in markets. market structures: supply, demand, and equilibrium market equilibrium, where supply equals demand, determines a price of $10. any price above creates a surplus, pushing prices down, while prices below cause shortages and increased pricing. changes in supply or demand curves create new equilibriums, for example: a 20% rise …

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powerpoint presentation microeconomics miraziz 1. core principles: scarcity, choice, and markets 2. supply, demand, and market equilibrium 3. firms, costs, and market structures plan: core principles: scarcity, choice, and opportunity cost scarcity implies that individuals and societies face trade-offs when allocating limited resources like land or labor. because of finite availability, choices must be made. opportunity cost represents the value of the next best alternative forgone when a decision is made. for example, choosing education means foregoing immediate income. choices are influenced by incentives; rational people respond to changes in costs and benefits when making decisions regarding consumption or production in markets. market structures: supply, demand, and equilibrium market...

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