Economics tells us that "there is no such thing as a free lunch"; for everything you get, there is a relative "opportunity cost" that is measured by the next best alternative forgone for making this choice.
Application:
The opportunity cost of watching one hour of takuya's new drama = watching one hour of SMAPXSMAP. (^^)v~~
A Perfectly Competitive Market is one with a large number of firms, each of which produces the same standardize product in amounts so small that no individual firm can affect the market price.
Application:
The human market is a perfectly competitive market because the death of one person does not affect the rest of the world, life goes on for all the best.
I have warped theories and pam peh is here screaming that my understanding is seriously mistaken too because i fail to consider "bearers of entry" and "perfect knowledge".
hey~ WHO CARES? you think you can sell human lives? Or can you measure human lives in monetary terms? take it easy girl, just your dear sister going off the hook again ok?
1 comment:
Pris, that's why you can't even use 'Human market' there's no market to begin with. There's nothing to buy, nothing to sell. And in econs, not all things are quantifiable, like the basket of goods and services you will need to measure your exchange rate. This is where the limitations comes in. =) Wahaha no. I won't let you off the hook.
Rememeber, "Let us assume we have a can opener."
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