Macro Economic Definitons
ü Money is anything, which is generally accepted as a means of settling debt
ü Fiduciary issue (flat money) is paper money not backed by gold or silver
ü Legal tender is that which must be accepted as means of settling debt
ü [...]
Costs, Revenue & Profit
The short run and long run economic concepts regarding a firm, its profits and costs.
These are incomplete, Ill publish them now but I plan to work on them over time. Fixed costs are those that do not change as output changes. Variable costs are those that do.
The short run is a period of time [...]
The Consumer Notes
Theory and Definitions:
The Consumer: the decision making unit that buys good and services.
Consumers supply land, labour,capital and enterprise for which they get rent, wages, interest(because of the money they provide for investment needed to buy capital) and profit.
Transfer payments are payments to those individuals that do not provide any factors of production in return.
Utility is [...]
