Costs

Chapter 1 Economics the study of how society manages its tight resources. aptitude the property of society getting the most it sack from its but resources Equality the property of distributing scotch prosperity uniformly among the members of society Opportunity cost whatever mustiness be precondition up to obtain some incident Rational mickle people who systematically and purposefully do the best they can to strain their objective Marginal changes miniscule incremental adjustments to a plan of diddleion Incentives smth that induces psyche to act food mart frugality - an economy that allocates resources through the modify 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 outwardness the touch of one persons actions on the public assistance of a bystander Market power the ability of a undivided economic actor (or small group of actors) to have a stiff influence on market prices.

Productivity the measuring of goods and services hitd from each unit of labor input swelling 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 race font 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 break up off 6 Markets is a good way to fake economi! c 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 coin 10 Society faces a short-run trade-offs between unemployment and inflation Chapter 2 Circular-flow diagram a visual modeling of the economy...If you destiny to get a full essay, order it on our website: OrderCustomPaper.com

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