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11 notecards = 3 pages (4 cards per page)

Viewing:

Principle of microeconomics

front 1

10 Principles of individual decision making

Principle 1: people face trade offs

back 1

national defense vs consumer goods. Getting the most from scarce resources is efficiency. equality id when equal or uniformly distribution of economic prosperity

front 2

Principle 2: opportunity cost, what does this mean

back 2

what is given up to get some other thing, the cost of something Is what you given up to get it

front 3

Principle 3: rational people think at the margin

back 3

rational people do the best possible to achieve their objectives

front 4

what does marginal chnages mean in principle 3?

back 4

marginal changes means a small increase to an existing event or plan of action. Decision rule means to compare marginal benefits to marginal costs

front 5

Principle 4: what does the idea of incentive mean?

back 5

people respond to incentives, something that induces an action

front 6

Principle 5: trade can make everyone better off

back 6

trade leads to specialization among nations it lowers costs

front 7

Principle 6: market economy, what does this mean

back 7

markets are usually a good way to organize economic activity. Economy in which firms and households decisions intersects to allocate productive resources and consumers goods and services

front 8

Principle 7: Governments Can Sometimes Improve market outcomes

back 8

  • Govt is in the economy to mairitain rules and institutions
  • property rights: relates to individuals ownership and control over scarce resources
  • market failure: relates to individual ownership and control over scarce resources efficiently
  • externality: effects of someone's action on the well-being of another
  • Market power: relates the ability to substantially control

markel price by a small actors on a grony

front 9

Principle 8: a country's standard of living.

depends on its ability to produce goods&services

back 9

Average American has an income of about $44,260.

Productivity relates to quantity of goods and services produced from each unit of labor input

front 10

Principle 9. Prices rise when the government prints too much money.

back 10

Inflation relates to an increase in the overall level of prices

front 11

Principle 10: society faces a short run

Trade off between inflation and unemployment

back 11

short run inflationary economy can stimulate the economy, more goods and services more hires, higher prices and low unemployment

business cycle in the economy