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Chapter 1 Macroeconomics
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Principle 1
People Face Trade-Offs
Equality
Efficiency
Principle 2
The Cost of Something is What You Give Up to Get It
Opportunity Cost
Principle 3
Rational People Think At the Margin
Marginal Change
Rational People
Principle 4
People Respond to Incentives
Incentives
Principle 5
Trade Can Make Everyone Better Off
Principle 6
Markets Are Usually a Good Way to Organize Economic Activity
Market Economy
Prinicple 7
Government Can Somtimes Improve Market Outcomes
Property Rights
Market Failure
Externality
Market Power
Principle 8
A Country's Standard of Living Depends on It's Ability to Produce Goods and Services
Productivity
Principle 9
Prices Rise When the Government Prints Too Much Money
Inflation
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
2012-01-18T15:22:27Z
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