Question: 1-1. Principle 1: People Face Trade-offs The study of Economics starts by acknowledging 1-2. Prin…

01 May Question: 1-1. Principle 1: People Face Trade-offs The study of Economics starts by acknowledging 1-2. Prin…

Posted at 16:36h in 2Past Paper by Exams

1-1. Principle 1: People Face Trade-offs The study of Economics starts by acknowledging 1-2. Principle 2: The Cost of Something Is What You Give Up to Get It What is opportunity cost? It is the highest-valued, next best alternative that must be to obtain something or to satisfy a want. 1-3. Principle 3: Rational People Think at the Margin Rational people often make decisions by comparing marginal benefits andL A rational decision maker takes an action if and only if the of the action exceeds the marginal cost. 1-4. Principle 4: People Respond to Incentives Because rational people make decisions by comparing costs and benefits they respond to such as prospect of a punishment or a reward 1-5. Principle S: Trade Can Make Everyone Better Off Despite competition, trade allows each person to specialize in activities he or she can do best and by with others, people can buy a greater variety of goods and services at lower price 1-6. Principle 6:Markets Are Usually a Good Way to Organize Economic Activity dam Smith (1776) stated that households and firms interacting in market places act as if they are guided by an even though participants behave in their own “that leads them to desirable market outcomes -7.Principle 7: Governments Can Often Improve Market Outcomes Well-designied publie policy can enhance economic efficieney There exist many situations in which the invisible hand does not lead markets to allocate resources to maximize the size of the economic pie: This situation is called A person or group not facing a rigorous market competition would control the market to maximize his or her own

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