1
producing the combination of goods most wanted by the society, thus answering the 'what to produce' question in the best possible way
2
producing goods by using the fewest possible resources (the same as producing at the lowest possible cost), answering the 'hownto produce question' in the best possible way
3
the responsivness of quantity supplied to a change in price along a given supply curve
4
the responsivness of the quantity demanded of a good to changes in its price
5
motivating the decision-makers to respond to the information
6
communicating information to decision-makers
7
composed by a large numbers of buyers and sellers acting independently so that no individual seller or a small group of sellers has the ability to control the price of products sold; instead, the price of the product is determined by the interactions of many sellers and buyers, through the forces of the demand and supply
8
the price recieved by firms by selling their good minus the lowest that they are willing to accept to produce the good
9
the highest price that the consumers are willing to pay for a good minus the price actually payed
10
where buyers and sellers meet to make an economic transaction
Crear