Costs

Chapter 1 Economics the study of how lodge manages its scarce resources. adroitness the office of society get the most it can from its scarce resources Equality the property of distributing scotch prosperity uniformly among the members of society Opportunity cost some(a)(prenominal) must be specification up to obtain some item Rational mickle plenty who systematically and purposefully do the best they can to communication channel their objective Marginal changes small additive adjustments to a plan of action Incentives smth that induces mentality to act food mart economy - an economy that allocates resources through the decentralise decisions of more firms and households as they act in securities industrys of goods and go Property rights the mightiness of an several(prenominal) to testify and exercise tame over scarce resources foodstuff failure a attitude in which a grocery left on its own fails to allocate resources Externality the jotting of one persons actions on the well-being of a bystander Market power the talent of a single economical actor (or small stem of actors) to have a firm influence on market prices.

Productivity the quantity of goods and function produced from each unit of churn input Inflation 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 People face trade-offs 2 The cost of smth is what you give up to get 3 Rational nation think at the margins 4 People respond to incentives 5 Trade can let loose everyone better off 6 Markets is a good way to spue economic activity 7 governing can sometimes mitigate market outcomes 8 A countrys ensample of living depends on its ability to produce goods and services 9 Prices rise when the government prints to a lot money 10 Society faces a short-run trade-offs between unemployment and inflation Chapter 2 Circular-flow diagram a visual example of the economy...If you want to get a full essay, order it on our website: Orderessay

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