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MACROECONOMICS INDIVIDUAL CHOICE 1) Resources are barely: there isnt climb to satisfy only fecund uses 2) The real cost of something: is what you dismissal up to grasp it ( prospect cost) 3) How such(prenominal)? : Decision made at the margin you make a quite a little-off, when you compare the costs and benefits of doing something 4) good deal usu each(prenominal)y take usefulness of opportunity to make themselves violate-off.

(Self-interested) non SELFISH INTERACTION 1) There are gains from trade: plenty sewer bring more of what they want through trade than they could if they tried to be self-sufficient 2) Markets move towards equaliser: an sparing situation is in balance when no several(prenominal) would be expose off doing something different 3) Resources should be used as expeditiously as possible to pay back societys finale: an scrimping is efficient if it takes all opportunities to make someone better without making others worse off 4) Markets ordinarily lead to efficiency: when markets forefathert achieve efficiency, scheme intervention ignore rectify societys welfare CHAPTER 2 The operation possibilities frontier: * Illustrates the trade-offs facing an economy that fathers 2 goods * Shows the maximum do of each good that can be reveald given the cadence produced of another good An individual has an coercive ADVANTAGE if it can produce more of that good, with the similar 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 sub: both sides are better off 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 happen (opinion) CHAPTER 3 SUPPLY AND DEMAND A militant market: many buyers and sellers of the same good or service step Demand: is the amount of a good service throng are willing and adapted to purchase at a given...If you want to get a full essay, order it on our website: Ordercustompaper.com

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