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Costs

Krugman AP Macro Economics Chapter 3

Subject: 
Economics
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economics
Microeconomics
Costs
Production–possibility frontier
Economic efficiency
Inefficiency
Opportunity cost
Productive efficiency
Production theory
behavior
Human development
Computing
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Interpersonal relationships
Psychoanalysis
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? Chapter 3: The Production Possibilities Curve Model ? Trade-Off: when you give something up in order to have something else Production Possibilities Curve Model: simplified economy that only produces two goods, able to show trade-off?s more clearly, simplifies the complexities of reality inside/on the curve (shaded area): feasible outside the curve (shaded area): not feasible PPC= production possibilities curve Slope of a straight line production possibilities curve equal to the opportunity cost Outward shift: increase in resources of progress in technology Efficient: no missed opportunities, no way to make some people better off without making other people worse off

Krugman AP Macro Economics Chapter 1

Subject: 
Economics
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Marginal concepts
economics
Economic theories
Microeconomics
Costs
Marginalism
Value theory
Marginal utility
Labour economics
Marginal cost
Health economics
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
Attachment theory
Technology
Business

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
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