ECON 303 Intermediate Economic Theory
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At the basic level, economics attempts to explain as per the course ECON 303 Intermediate Economic Theory, how and why we make the purchasing choices we do. Four key economic concepts are:
- Scarcity
- Supply and demand
- Costs and benefits
- Incentives
Following are the three main concepts of economics as per the course ECON 303 Intermediate Economic Theory:
- Marginal utility and demand.
- Diminishing returns and supply.
- Elasticity of demand.
- Elasticity of supply.
- Market structures.
An intermediate good is a thing implemented to produce a final good or finished product, as per the course ECON 303 Intermediate Economic Theory also referred to as a consumer good.
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