These factors include economic reasoning, economic insights, economic institutions, and economic policy options. Economic reasoning is a way of thinking that weighs an option based on costs and benefits. Terms such as marginal costs, marginal benefits, and opportunity cost explain economic reasoning in more detail. Marginal costs and benefits are the additional cost and benefit to you respectively over and above those that you have already obtained. Opportunity cost is the cost forfeited by not selecting an option in favor of another. Insights in economics are the theories that have been discovered by economists that are useful in understanding trends. One of the most noted is the invisible hand theory. Economic institutions include but are not limited to laws, common practices, and organizations in a society, are the basis for understanding whether economic theory can be applied to reality (Colander, 2006, p. 14). It is very common for economic institutions to vary by country. Finally, the action or inaction taken by the government to influence economic actions are called economic pol...
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...w individuals demand products and goods offered in comparison with how firms supply such goods and services. Economics relies on several factors such as economic reasoning, insights, terminology, institutions, and policy options help to develop economics as a whole. The laws of supply and demand illustrate the producer and consumer relationship based upon price and quantity supplied and demanded. The inverse relationship of the law of demand and direct relationship of the law of supply with price and quantity allow economists to measure certain factors such as market equilibrium. These factors can change with movements and shifts along the supply and demand curves. In order to fully understand these movements and precisely quantify their effects elasticity of supply and demand is calculated to better illustrate how firms and individuals will react to changes in price.
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