Just finish class, din go out with dar today, cos he's on nite... anyway i'm happy to have some time for myself. managed to do a much needed facial spa(@home) n put on facal mask. got so many new pimples... really think it's bcos of the face mask at work... hmmm!!
Anyway was revising my work here's some economics term:
- Opportunity cost- the true cost of smt is wat u give up to get this includes not only the $ u spent in buying (or doing), but also the economic benefits that u did w/o bcos u bought of did smt else.
- Positive economics- attempts 2 establish cause n effect in a scientific manner. Hypotheses r formulated n these r then checked against observed facts.
- Normative economics- is concerned w establishing e means by which socially desirable outcomes can b achieved.
- Marginal utility- is how much extra utility a person gets from consuming (or doing) an extra unit of smt.
- Demand- is not just about measuring what pple want, for economists, it refers 2 e amt of a good or service tat pple are both willing n able 2 buy.
- Supply- is e amt of a good or service available at any particular price.
ok enough... so boring rite... actually i've nth to blog abt tats y put studies into e picture.. oh well have a good day...
Muaks!
