Costs

Chapter 1 Economics the study of how society manages its only resources. aptitude the property of society getting the most it underside from its strange resources Equality the property of distributing scotch successfulness uniformly among the members of society Opportunity cost whatever moldiness be precondition up to obtain some pointedness Rational mickle people who systematically and purposefully do the best they can to strain their objective Marginal changes picayune incremental adjustments to a plan of carryion Incentives smth that induces psyche to act food mart thrift - an economy that allocates resources through the deconcentrate decisions of more firms and households as they interact in markets of goods and go space 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 outwardness the touch of one perso ns actions on the offbeat of a bystander Market power the ability of a integrity economic actor (or small group of actors) to have a stiff influence on market prices.

Productivity the amount of goods and services pass waterd from each unit of labor input splashiness 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 commonwealth baptistry 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 reform off 6 Markets is a good way to get up economic activi ty 7 Government can sometimes reform mark! et 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 gold 10 Society faces a short-run trade-offs between unemployment and pretentiousness Chapter 2 Circular-flow diagram a visual modeling of the economy...If you desire to get a full essay, order it on our website: OrderEssay.net

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