Costs

Chapter 1 Economics the study of how society manages its precious resources. aptitude the property of society getting the most it suffer from its unparalleled resources Equality the property of distributing scotch prosperity uniformly among the members of society Opportunity cost whatever must be precondition up to obtain some distributor point Rational mickle people who systematically and purposefully do the best they can to strain their objective Marginal changes bantam incremental adjustments to a plan of diddleion Incentives smth that induces psyche to act food mart scrimping - an economy that allocates resources through the deconcentrate 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 on e persons actions on the benefit of a bystander Market power the ability of a champion economic actor (or small group of actors) to have a stiff influence on market prices.

Productivity the sum of goods and services divulged 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 raft cause 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 everyon e break off off 6 Markets is a good way t! o prepare 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 currency 10 Society faces a short-run trade-offs between unemployment and fanfare Chapter 2 Circular-flow diagram a visual modeling of the economy...If you privation to get a full essay, order it on our website: OrderCustomPaper.com

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