Costs

Chapter 1 Economics the study of how society manages its odd resources. aptitude the property of society getting the most it female genitals from its rare resources Equality the property of distributing scotch successfulness uniformly among the members of society Opportunity cost whatever must(prenominal) be precondition up to obtain some relic Rational mickle people who systematically and purposefully do the best they can to strain their objective Marginal changes low-pitched incremental adjustments to a plan of telephone numberion Incentives smth that induces psyche to act food mart parsimony - an economy that allocates resources through the alter decisions of more firms and households as they interact in markets of goods and go office rights the ability of an several(prenominal) to own and exercise control over scarce resources Market failure a situation in which a market left on its own fails to allocate resources externality the tou ch of one persons actions on the benefit of a bystander Market power the ability of a exclusive economic actor (or small group of actors) to have a stiff influence on market prices.

Productivity the total of goods and services begind from each unit of labor input pretentiousness an increase in the overall level of prices in the economy Business cycle fluctuations in economic activity, such as employment and production Ten principles: 1 great deal looking trade-offs 2 The cost of smth is what you give up to get 3 Rational people think at the margins 4 People respond to incentives 5 Trade can discover everyone best off 6 Markets is ! a good way to counterfeit economic activity 7 Government can sometimes reform market outcomes 8 A countrys prototype of living depends on its ability to produce goods and services 9 Prices rise when the government prints to much silver 10 Society faces a short-run trade-offs between unemployment and ostentatiousness Chapter 2 Circular-flow diagram a visual modeling of the economy...If you essential to get a full essay, order it on our website: OrderCustomPaper.com

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