Monthly Archives: 六月 2008

Elasticity measures the responsiveness of quantity demanded or quantity supplied to one of its determinants. Continue reading →

Supply and demand are forces that make market economies work. They determines the quantity of each good produced and the price at which it is sold. Continue reading →

Interdependence and trade allow us to be specialized as well as to enjoy greater variety and quantity of goods and services.To measure the ability of producing goods and services, there are two different ways: absolute advantage and comparative advantage. Continue reading →

Summary of Chapter 2 – Thinking like an economist
Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute the theories. The field of economics is traditionally divided into two broad subfields:macroeconomics and microeconomics.Economists, with different scientific judgements and values, develope different positive statements and normative statements. Continue reading →