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Chapter 2

by: Kirstie Mekhail

Chapter 2 ECO 106

Kirstie Mekhail
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About this Document

These notes cover all over chapter 2
Principles of economics: microeconomics
Class Notes
Economics, Microeconomics




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This 1 page Class Notes was uploaded by Kirstie Mekhail on Monday February 8, 2016. The Class Notes belongs to ECO 106 at Pace University taught by Weinstock in Summer 2015. Since its upload, it has received 7 views. For similar materials see Principles of economics: microeconomics in Economcs at Pace University.

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Date Created: 02/08/16
Chapter  2     Principle  of  Opportunity  Cost  –  the  opportunity  cost  of  something  is  what   you  sacrifice  to  get  it   Opportunity  Cost  –  what  you  sacrifice  to  get  something     Neuroplasticity   –  you  can  shape  how  your  own  brain  develops  by  exposing  it  to   things  you  don’t  know  now  that  you  want  to  teach  it     Production  Possibilities  Curve  –  curve  that  shows  the  possible  combinations   of  products  that  an  economy  can  produce,  given  that  its  productive  resources  are   fully  employed  and  efficiently  used   Marginal  Benefit  –  the  additional  benefit  resulting  from  a  small  increase  in  some   activity   Marginal  Cost  –  the  additional  cost  resulting  from  a  small  increase  in  some   activity     Marginal  Principle         Net  Benefit  =  Total  Benefit  –  Total  Cost     Principle  of  Voluntary  Exchange  –  is  the  act  of  buyers  and  sellers  freely  and   willingly  engaging  in  market  transactions.  Moreover,  transactions  are  made  in  such   a  way  that  both  the  buyer  and  the  seller  are  better  off  after  the  exchange  than  before   it  occurred.   Principle  of  Diminishing  Returns  –  suppose  output  is  produced  with  two  or   more  inputs,  and  we  increase  one  input  while  holding  the  other  inputs  fixed.  Output   will  increase  at  a  decreasing  rate.    


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