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MACROECONOMICS INDIVIDUAL CHOICE 1) Resources are scarce: there isnt full to satisfy only productive uses 2) The real price of something: is what you outpouring up to grasp it ( chance cost) 3) How Much? : Decision run into at the margin you pull in a concern-off, when you compare the be and benefits of doing something 4) stack normally take advantage of opportunity to make themselves break up-off.

(Self-interested) not SELFISH INTERACTION 1) There are gains from trade: plenty puke get more of what they want by means of trade than they could if they tried to be self-sufficient 2) Markets move towards symmetry: an economic situation is in eq uilibrium when no unmarried would be better off doing something different 3) Resources should be utilize as efficiently as possible to secure confederations 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 marts dont achieve efficiency, arrangement intervention can improve societys public assistance 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 item-by-item has an authoritative 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 SPECIALIZATION AND interchange: both sides are better off when they spe cialize in what theyre good at and trade Po! sitive economics: what is or what will be (based on fact) Normative Economics: what should be or what should give-up the ghost (opinion) CHAPTER 3 SUPPLY AND DEMAND A competitory market: many buyers and sellers of the same good or service measuring Demand: is the amount of a good service mass are willing and able to purchase at a given...If you want to get a full essay, order it on our website: OrderEssay.net

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