Chapter 1, Ten Principles of Economics
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| show | As additional increments of resources are added to a certain purpose, the marginal benefit from those additional increments will decline.
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| show | the limited nature of society’s resources.
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| What is economics? | show 🗑
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| show | Society has limited resources and therefore cannot produce all the goods and services people wish to have.
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| show | How people makes decisions, how people interact with each other, and how trends and forces affect an economy as a whole.
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| show | One who manages a household.
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| show | Trade-offs of resources, the cost of something you want, the margin, and incentives.
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| How do people interact in an economy? | show 🗑
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| What affects how economies work as a whole? | show 🗑
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| Explain Principle 1 of the Ten Principles of Economics. | show 🗑
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| Explain Principle 2 of the Ten Principles of Economics. | show 🗑
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| Explain Principle 3 of the Ten Principles of Economics. | show 🗑
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| What are rational people? | show 🗑
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| show | Small incremental adjustments to a plan of action.
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| show | Some incentives are higher prices and public policy. Ex (Seat belt law alters a diver's cost-benefit calculation-Sam Peltzman, 1975)
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| show | Something that induces a person to act.
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| show | Buyers consume less, and sellers produce more.
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| show | Changes costs or benefits, changes people's behaviors, and can have unintended consequences.
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| Explain Principle 5 of the Ten Principles of Economics. | show 🗑
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| show | Allows each person to specialize in the activities he or she does best and enjoy a greater variety of goods and services.
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| show | Different government types control economies differently. Adam Smith's "invisible hand"
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| Explain Adam Smith's "invisible hand." | show 🗑
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| What is Corollary? | show 🗑
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| show | Central planning; government officials are in the best position to allocate the economy's scarce resources. They control goods and services produced, how much it is produced, and who produces and consumes these goods and services.
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| show | Resources are allocated through decentralized decisions of many firms and households, are guided by prices and self-interests, no one is looking out for the economic well-being of society as a whole.
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| Explain Principle 7 of the Ten Principles of Economics. | show 🗑
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| show | A country's standard of living depends on its ability to produce goods and services. There are large differences in living standards and differences of productivity.
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| What is productivity? | show 🗑
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| show | Prices rise when the government prints too much money. Causes large or persistent inflation.
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| Explain Principle 10 of the Ten Principles of Economics? | show 🗑
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| Explain short-run effects of monetary injections. | show 🗑
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