Mind map
Intro.
Map content
Intro.
Positive analysis (how the word is) Normative analysis (how the world should be)
Arbitrage: buying at a low price at one location and selling it at a higher price in another.
(Perfectly) Competitive market: Many buyers and sellers so that they don't have a significant impact on price.*
The extent of a market: boundries of a market, both geographical and in terms of range of products produced and sold within it.
Nominal price: unadjusted for inflation. Real price: adjusted for inflation.
CPI (consumer price index) PPI (producer price index)
CPI(where you want to go)/CPI (where you are) x nominal price (where you are)