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UA / Economics / ECON 110 / What are the three basic trade offs faced by a society?

What are the three basic trade offs faced by a society?

What are the three basic trade offs faced by a society?

Description

School: University of Alabama - Tuscaloosa
Department: Economics
Course: Principles of Microeconomics
Professor: Kent zirlott
Term: Fall 2016
Tags:
Cost: 50
Name: Microeconomics Test One
Description: Study Guide
Uploaded: 02/06/2017
4 Pages 44 Views 1 Unlocks
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Microeconomics Test One Study Guide  


What are the three basic trade offs faced by a society?



CHAPTER ONE  

Definitions to know

∙ Efficiency

∙ Equality

∙ Opportunity cost

∙ Rational People

∙ Marginal Change

∙ Incentive  

∙ Market Economy  

∙ Property Rights

∙ Market Failure  

∙ Externality  

∙ Market power  

∙ Productivity  

∙ Inflation  

∙ Business Cycle  

∙ People face trade-offs, people perform action based on the later costs,  rational thinkers compare marginal cost to marginal benefit  


How do countries benefit from comparative advantage?



We also discuss several other topics like What is the rule for scalar multiplication of vectors?

CHAPTER TWO  

Definitions to know

∙ Circular-flow Diagram  

∙ Production Possibilities  

∙ Microeconomics  

∙ Macroeconomics  

∙ Positive statements  

∙ Normative statements  

∙ Try and think like scientists, make appropriate assumptions and build  models (charts and graphs) to create examples  

CHAPTER THREE

Definitions to know  

Absolute Advantage  


How do marginal costs and benefits relate to trade offs?



Opportunity Cost If you want to learn more check out What does the general assembly do?
If you want to learn more check out What is longitudinal shear stress?
We also discuss several other topics like What is the meaning of ionic in intermolecular interactions?
Don't forget about the age old question of What does yd stand for in economics?

Comparative Advantage

Imports  

Exports  

∙ People consume goods, principle of comparative advantage  compares to people and countries

Microeconomics Test One Study Guide  

CHAPTER ONE  

Definitions to know We also discuss several other topics like How can you describe the international criminal justice law?

∙ Efficiency

∙ Equality

∙ Opportunity cost

∙ Rational People

∙ Marginal Change

∙ Incentive  

∙ Market Economy  

∙ Property Rights

∙ Market Failure  

∙ Externality  

∙ Market power  

∙ Productivity  

∙ Inflation  

∙ Business Cycle  

∙ People face trade-offs, people perform action based on the later costs,  rational thinkers compare marginal cost to marginal benefit  

CHAPTER TWO  

Definitions to know

∙ Circular-flow Diagram  

∙ Production Possibilities  

∙ Microeconomics  

∙ Macroeconomics  

∙ Positive statements  

∙ Normative statements  

∙ Try and think like scientists, make appropriate assumptions and build  models (charts and graphs) to create examples  

CHAPTER THREE

Definitions to know  

Absolute Advantage  

Opportunity Cost

Comparative Advantage

Imports  

Exports  

∙ People consume goods, principle of comparative advantage  compares to people and countries

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