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Chapter 1 Macroeconomics

  1. Principle 1
    • People Face Trade-Offs
    • Equality
    • Efficiency
  2. Principle 2
    • The Cost of Something is What You Give Up to Get It
    • Opportunity Cost
  3. Principle 3
    • Rational People Think At the Margin
    • Marginal Change
    • Rational People
  4. Principle 4
    • People Respond to Incentives
    • Incentives
  5. Principle 5
    Trade Can Make Everyone Better Off
  6. Principle 6
    • Markets Are Usually a Good Way to Organize Economic Activity
    • Market Economy
  7. Prinicple 7
    • Government Can Somtimes Improve Market Outcomes
    • Property Rights
    • Market Failure
    • Externality
    • Market Power
  8. Principle 8
    • A Country's Standard of Living Depends on It's Ability to Produce Goods and Services
    • Productivity
  9. Principle 9
    • Prices Rise When the Government Prints Too Much Money
    • Inflation
  10. Principle 10
    • Society Faces a Short Run Trade- Off Between Inflation and Unemployment
    • Business Cycle
Author
amgallegos
ID
128668
Card Set
Chapter 1 Macroeconomics
Description
Important stuff from chapter 1, macroeconomics
Updated

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