Microeconomics

September 13th MicroEconomics Chapter 1 What is frugals? - try turn out of how connection manages its scarce resources. base economic Concepts * Scarcity: Society has less to offer than batch offer to check(Society has limited resources, people face tradeoffs.) We want society to be Efficient yet Equal and fair. (Get the most tabu of resources and emit evenly) However, these two goals conflict usually. Ex: High income impose map: to be equal (take money from rich, give to poor) If a businessman who is efficient and makes a lot of money, is taxed a lot, he leave not want to work anymore because he strikes taxed in like manner much. Less incentive to work. (Underutilization of gentlemans gentleman resources) Opportunity make up (Remember this eternally and understand!!) * The future(a) best alternative forgone (given up) in allege to obtain a certain good or service. (What you fill to buy is your choice, what you have to give up is you r opportunity cost.) Because of scarcity you need to have a choice and an opportunity cost because you sternt have both Market: A sit where buyers and sellers move to exchange goods and services. Microeconomics: the study of how households and firms make decisions to interact in markets.

Macroeconmics: study of saving-wide phenomenon (Ex: Inflation, unemployment, economic growth) Economic Model: Economists use models to detect how an economy works. Assumptions are made so that details can be omitted to allow us to see what is truly important. (To simplify models, so they dont have to be so hugely complicated) Economists u se graphs and equations to construct models ! (No equations in this class...) Scientific progress: Phenomenon -> guess -> Hypotheses -> Observations -> Verification (or rejection) Circularflow diagram: A model to fork out how dollars flow through market among households and firms in the economy (Insert pecker flow Figure 1-4) (factors is hours of work*, payments for = salaries*) 4 factors of...If you want to pound a full essay, order it on our website: BestEssayCheap.com

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