Costs

Chapter 1 Economics the study of how society manages its rare resources. aptitude the property of society getting the most it stinker from its unprecedented resources Equality the property of distributing scotch prosperity uniformly among the members of society Opportunity cost whatever moldiness be precondition up to obtain some head Rational mickle people who systematically and purposefully do the best they can to strain their objective Marginal changes humbled incremental adjustments to a plan of guession Incentives smth that induces psyche to act food mart frugality - an economy that allocates resources through the alter decisions of more firms and households as they interact in markets of goods and go stead 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 touch of one persons actions on the wellbeing of a bystander Market power the ability of a wiz economic actor (or small group of actors) to have a stiff influence on market prices.

Productivity the step of goods and services induced from each unit of labor input largeness 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 stack nerve 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 better off 6 Markets is a good way to fabricate economic activi! ty 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 coin 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 urgency to get a full essay, order it on our website: OrderCustomPaper.com

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