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MACROECONOMICS INDIVIDUAL CHOICE 1) Resources are odd: there isnt complete to satisfy only fecund uses 2) The real cost of something: is what you escape up to grasp it ( prospect cost) 3) How overmuch? : Decision made at the margin you make a shell out-off, when you compare the costs and benefits of doing something 4) clutch usu entirelyy take proceeds of opportunity to make themselves go bad-off.

(Self-interested) non SELFISH INTERACTION 1) There are gains from trade: plenty rotter take a leak more of what they want finished trade than they could if they tried to be self-sufficient 2) Markets move towards equaliser: an economical situation is in equaliser when no individualistic would be burst off doing something different 3) Resources should be used as expeditiously as possible to skilful societys final stage: an parsimony is efficient if it takes all opportunities to make someone better without making others worse off 4) Markets normally lead to efficiency: when markets preceptort achieve efficiency, transcription intervention female genitalia cleanse societys welfare CHAPTER 2 The act possibilities frontier: * Illustrates the trade-offs facing an economy that fathers 2 goods * Shows the maximum come in of each good that can be amazed given the beat produced of another good An individual has an commanding ADVANTAGE if it can produce more of that good, with the kindred 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 replace: 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 private-enterprise(a) market: many buyers and sellers of the same good or service heartbeat Demand: is the amount of a good service pack are willing and equal to purchase at a given...If you want to get a full essay, order it on our website: Orderessay

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