Fundamental Concepts of Microeconomics

Alfred Endres and Volker Radke
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Alfred Endres: University of Hagen
Volker Radke: State University Ravensburg

Chapter 6 in Economics for Environmental Studies, 2018, pp 49-104 from Springer

Abstract: Abstract This chapter starts with the introduction of two of the «protagonists» in the «drama» of economics, consumers, and firms. We elaborate on how they make their decisions and on how these individual decisions are coordinated in the marketplace. Sometimes, most of society is unhappy with the results of private decision making and market coordination; such an example is environmental destruction. We explain environmental problems to be a case of «market failure», the inability of the market system to attain socially satisfactory («optimal») results.

Keywords: firmsFirm; firmFirm; goodGood; Inverse Supply Curve; Marginal costMarginal Cost (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-662-54828-8_6

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DOI: 10.1007/978-3-662-54828-8_6

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