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Marginal utility

Ch 1 AP Micro econ

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01 Limits, Alternatives, and Choices McGraw-Hill/Irwin Copyright ? 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Introduction Economics defined Economic wants exceed productive capacity A social science concerned with making optimal choices under conditions of scarcity LO1 1-* The Economic Perspective Scarcity and Choice Purposeful Behavior Marginal Analysis Resources are scarce Rational self-interest Marginal benefit Choices must be made Individuals and utility Marginal cost Opportunity cost Firms and profit Marginal means extra There?s no free lunch Desired outcomes MB and MC LO1 1-* Theories, Principles, and Models The scientific method Economic principles Generalizations Other-things-equal assumption Graphical expression Observe

Krugman AP Macro Economics Chapter 1

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Marginal utility
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Health economics
behavior
Human development
Computing
Computer file formats
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Chapter 1: The Study of Economics ? Economics: The study of scarcity and choice- individual choice Individual Choice: Decisions made by an individual of what to/not to do Economy: System that coordinates consumption and distribution of goods/services Market Economy: Decentralized production, publicly owned, no authority saying what to/not to make (ex: United States) Command Economy: Central authority, publicly owner, don?t work very well (ex: Soviet Russia) Problem: lack of motivation, better quality work doesn?t make more money, ineffective supply&demand Property rights: Establishes ownership causing incentive to work and thus production to increase Marginal Analysis: Study of marginal decisions, the pros and cons of doing a little bit more or less

Economics Notes

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Crowding Out - is what happens when a mega sports event attracts fanatics but drive agnostics away Substitution - when consumers shift their spending, instead of increasing their overall consumption Leakage - the tendency for money to circulate out of rather than through a local economy Economics - Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants (study of how individuals and societies deal with scarcity) What is economics? -science of scarcity (the condition in which our wants are greater than our limited resources) -since we are unable to have everything we desire, we must make choices on how we use our resources -in economics we will study the choices of individuals, firms and governments
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