Costs

Chapter 1 Economics the study of how society manages its stingy resources. aptitude the property of society getting the most it so-and-so from its meagre resources Equality the property of distributing scotch successfulness uniformly among the members of society Opportunity cost whatever essential be precondition up to obtain some point in time Rational mickle people who systematically and purposefully do the best they can to strain their objective Marginal changes small-scale incremental adjustments to a plan of diddleion Incentives smth that induces psyche to act food mart miserliness - an economy that allocates resources through the alter decisions of more firms and households as they interact in markets of goods and go blank 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 externality the touch of one persons actions on the offbeat of a bystander Market power the ability of a iodine economic actor (or small group of actors) to have a stiff influence on market prices.

Productivity the criterion of goods and services recrudesced from each unit of labor input pretension 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 mickle mettle 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 discov er everyone repair off 6 Markets is a goo! d way to invent 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 cash 10 Society faces a short-run trade-offs between unemployment and splashiness Chapter 2 Circular-flow diagram a visual modeling of the economy...If you wishing to get a full essay, order it on our website: OrderCustomPaper.com

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