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MACROECONOMICS INDIVIDUAL CHOICE 1) Resources are scarce: there isnt full to satisfy only productive uses 2) The real comprise of something: is what you outpouring up to grasp it ( hazard cost) 3) How Much? : Decision do at the margin you shake a business-off, when you compare the cost and benefits of doing something 4) stack normally take advantage of opportunity to benefit themselves discontinue-off.

(Self-interested) not SELFISH INTERACTION 1) There are gains from trade: plenty keep get more of what they want finished trade than they could if they tried to be self-sufficient 2) Markets move towards symmetricalness: an economic situation is in equilibrium when no someone would be better off doing something different 3) Resources should be utilize as efficiently as possible to secure high societys goal: an economy is efficient if it takes all opportunities to make someone better without making others worse off 4) Markets usually lead to efficiency: when grocerys dont achieve efficiency, arrangement intervention can improve societys well-being CHAPTER 2 The achievement possibilities frontier: * Illustrates the trade-offs facing an economy that fathers 2 goods * Shows the maximum arrive of each good that can be produced given the cadence produced of another good An respective(prenominal) has an impregnable ADVANTAGE if it can produce more of that good, with the same resources, than anyone else An individual has a COMPARITIVE ADVANTAGE in producing a good if it can do so at a lower opportunity cost than anyone else SPECIALIZATI ON AND interchange: both sides are better o! ff when they specialize in what theyre good at and trade Positive economics: what is or what will be (based on fact) Normative Economics: what should be or what should see (opinion) CHAPTER 3 SUPPLY AND DEMAND A competitory market: many buyers and sellers of the same good or service heartbeat Demand: is the amount of a good service tribe are willing and able to purchase at a given...If you want to get a full essay, order it on our website: BestEssayCheap.com

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