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Some Basic Concepts in Economics

In: Economic Theory and the Construction Industry

Author

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  • Patricia M. Hillebrandt

Abstract

There are some concepts used by economists in the whole of micro-economics which it is appropriate should be explained at the outset, in order that the flow of the argument in later chapters is not interrupted by a digression to explain their meaning, and also so that they can be used before the stage of the main exposition of their use is reached. First, the meaning of the terms ‘industry’ and ‘market’ as they apply to construction are considered. There follows a discussion of various types of cost and then of price, profit, the nature of marginal analysis and the concepts of supply and demand. For further definitions of terms, the reader is referred to the index where page references to definitions and explanations of the use of terms are shown in heavy type.

Suggested Citation

  • Patricia M. Hillebrandt, 1974. "Some Basic Concepts in Economics," Palgrave Macmillan Books, in: Economic Theory and the Construction Industry, chapter 3, pages 24-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-01927-4_3
    DOI: 10.1007/978-1-349-01927-4_3
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