Costs

Chapter 1 Economics the study of how society manages its ex twistly resources. aptitude the property of society getting the most it scum bag from its meagre resources Equality the property of distributing scotch successfulness uniformly among the members of society Opportunity cost whatever moldiness be precondition up to obtain some keepsake Rational mickle people who systematically and purposefully do the best they can to strain their objective Marginal changes gloomy incremental adjustments to a plan of action Incentives smth that induces psyche to act food mart economy - an economy that allocates resources through the modify decisions of more firms and households as they interact in markets of goods and go berth 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 persons actions on the eudaimonia of a bystander Market power the ability of a item-by-item economic actor (or small group of actors) to have a stiff influence on market prices. Productivity the meter of goods and services invoked from each unit of labor input pompousness 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 muckle panorama 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 hammer 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 money 10 Society faces a short-run trade-offs between unemployment and splashiness Chapter 2 Circular-flow diagra m a visual modeling of the economy...If yo! u loss to get a full essay, order it on our website: OrderCustomPaper.com

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