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This Concept Map, created with IHMC CmapTools, has information related to: Microeconomics (Part 1), Production Possibilities Frontier (PPF) illustrates that the US specializes in Consumption Goods, Factors of Production include Land, Surplus may decrease Equilibrium Price, Economic efficiency fully utilizes Factors of Production, Price Level increasing substantially is Inflation, Shortage may increase Equilibrium Price, Price Elasticity comparison of 2 products is Cross-Price Elasticity, Scarcity affects Price Level, Price Level calculates Marginal Utility, Marginal Utility is determined by Optimal Purchase Rule, Factors of Production include Land, Comparative Advantage fuels Trade, Supply is affected by Price Level, Economics Consists of firms that Supply, Capital Goods are part of an Economic Model, Equilibrium Price fluctuates because of Relative Price, Relative Price might encourage purchase of an Inferior Good, Inferior Good is a substitute of a Normal Good, Scarcity raises Marginal Utility, Cross-Price Elasticity uses Relative Price