ECN112 - Markets and Incentives
0.0(0)
Studied by 0 people0.0(0)
Call with Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/6
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No study sessions yet.
7 Terms
1
New cards
Markets
Any arrangement that brings buyers and sellers together, enables them to get information, and allows for a transaction
2
New cards
Different Types of Markets
Farmers market
One-on-One
Retail stores
Online retailers
3
New cards
Opportunity Cost
What you have to give up to obtain what you desire
4
New cards
Search and Information Cost
The time, money, and effort that buyers and sellers spend to find each in a market
5
New cards
Transaction Costs
All other costs involved in making the actual transactionW
6
New cards
What is the business goal?
To convince the consumer that the benefits of buying the good exceeds the cost
7
New cards
Public Policy
To change behavior, economist recommend using incentives to change citizens’ cost benefit calculus
Note 
Flashcards (127)