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MICROECONOMICS (10 PRINCIPAL OF ECONOMICS :check: :check: :check:, :star:…

- - - - To get one thing, we usually have to give up another thing.
        
        Example :
        
        :check: Bicycle vs motorcycle
        VS
        
        :tada: Food vs clothing
        VS
        
        :pen: Leisure time vs work
        VS
  - - - :red_flag: For Example :
        
        World Squash Champion Nicol David understands opportunity costs and incentives. She decided to put on hold her academic interests to concentrate on squash where she earns hundreds of thousands of ringgit.
  - - - :check: Market failure may be caused by:
        :no_entry: EXTERNALITY which is the impact of one person or firm’s actions on the well-being of a bystander.
        :forbidden: MARKET POWER, which is the ability of a single person or firm to unduly influence market prices
- - - - :star:CONCEPT ILLUSTRATED BY THE PRODUCTION POSSIBILITIES FRONTIER
        
        2) Trade-offs
        
        3) Oppurtunity cost
        
        1 ) Efficiency
        
        4) Economic Growth
  - - - :ballot_box_with_check:: FIRMS
        ~Produce and sells goods and services
        ~ Hire and use factors of production
        
        :check:HOUSEHOLDS
        ~ Buy and Consume goods and services
        ~ Own and sells factor of production
        
        :heavy_check_mark:MARKET OF GOODS AND SERVICES
        ~Firms sell
        ~Households buy
        
        :ballot_box_with_check:MARKET OF FACTORS OF
        ~Household sells
        ~Firms Buy .
        
        :check:FACTORS OF PRODUCTION
        ~input used to produce goods and services
        ~Land,Labor and Capital
- - - - :red_cross:NEGATIVE STATEMENT
        ~ Normative Statement are statement about how the world should be
        
        :fire:EXAMPLE : The income gains from higher minimum wage are woth more than any slight reduction in employment :fire:
      - :star:POSITIVE STATEMENT
        ~ Positive statement are statement that attempt to describe the world as it is
        
        :fire:EXAMPLE : An increase in minimum wage will cause a decrease in employment among the least skilled :fire: