General Concepts

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Quasi public goods

The market for quasi-public goods is an important example of an incomplete…

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Taylor Emma

Incomplete markets

An incomplete market is one where some of the necessary conditions for…

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Taylor Emma

Pure public goods

The market mechanism is likely to fail to supply pure public goods…

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Taylor Emma

Missing markets

A significant market failure is the failure to produce some goods and…

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Taylor Emma

Index numbers

Economists frequently use index numbers when making comparisons over time. An index…

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Taylor Emma

Marginal analysis

Economic decisions are taken in a marginal way, which means that decisions to produce,…

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Taylor Emma

Increasing opportunity cost

Opportunity cost can be thought of in terms of how decisions to…

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Taylor Emma

Pareto efficiency

Any point on a PPF, such as points 'A' and 'B', is…

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Taylor Emma

Interpreting PPFs

Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers…

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Taylor Emma

Production possibility frontiers

An opportunity cost will usually arise whenever an economic agent chooses between…

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Taylor Emma

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