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LU1: Introduction (10 Principles of Economic (People Respond to Incentives…
LU1: Introduction
10 Principles of Economic
People Respond to Incentives.
Trade Can Make Everyone Better Off.
Rational People Think at the Margin.
Markets Are Usually a Good Way to Organize Economic Activity.
The Cost of Something Is What You Give Up to Get It.
Goverments Can Sometimes Improve Market Outcomes.
People Face Trade-offs.
A Country's Standard of Living Depends on Its Ability to Produce Goods and Services.
Prices Rise When the Government Prints Too Much Money.
Society Faces a Short-run Trade-off between Inflation and Unemployment.
Economic Models
The Circular Flow Diagram
The
Production Possibilities Frontier
Interdependence and the Gains from Trade
Parable for the Modern Economy
Specialization and Trade
Production Possibilities
Comparative Advantage
Opportunity Cost and Comparative Advantage
Comparative Advantage and Trade
Absolute Advantage
Interdependence and the Gains from Trade
A Parable for the Modern Economy
Production Possibilities
Specialization and Trade
Comparative Advantage
Absolute Advantage
Opportunity Cost and Comparative Advantage
Comparative Advantage and Trade
The Economist As Policy Advisor
Positive versus Normative Analysis
